Authorities have answered a recent letter by ambassadors from G7 countries, declining – for now – a request to join the Russian Elites, Proxies, and Oligarchs (REPO) taskforce, Swiss government spokesman André Simonazzi said on Wednesday.
Simonazzi referred to a note published on TuesdayExternal link by the State Secretariat for Economic Affairs (SECO), rejecting criticisms made by the ambassadors in a letter leaked to Swiss press last week.
For SECO, current cooperation between Switzerland and G7 countries (Canada, France, Germany, Italy, Japan, the UK and US) is “running smoothly”, and there is “no need to formally join the Task Force at present”.
SECO also repeated that the CHF7.5 billion ($8.35 billion) of Russian assets blocked in Switzerland was “substantial” by international comparison, corresponding to around one-third of what’s blocked in the European Union.
It also called for a better distinction between sanctioned and non-sanctioned assets, which are “repeatedly confused or mixed up”.
“One example of this – frequently cited over the past year – is the estimate by the Swiss Bankers Association that some CHF150-200 billion in assets of Russian individuals and organisations are held by Swiss banks. This unofficial figure is in fact a (very rough) estimate of total Russian assets under management in Switzerland,” it wrote.
US ambassador to Switzerland Scott Miller recently suggested that Switzerland could freeze up to CHF100 billion.
The top US sanctions official, Under Secretary Brian Nelson from the Treasury, was also in Switzerland this week for talks with SECO officials, which he said on Twitter were “constructive”.
Simonazzi said on Wednesday that if, in the future, participation in the REPO taskforce was to be deemed to be in Switzerland’s interest, then the government would re-evaluate the situation.
Most Read Swiss Abroad
More
Heard the one about the Swiss company installing laugh detectors?
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
Precious archaeological vases and coins returned to Italian museum
This content was published on
The Italian authorities have recovered over 2,500 precious ancient coins, vases and small sculptures that had been illegally dug up and sold in Switzerland, Eurojust announced on Monday.
PrimeEnergy Cleantech declared bankrupt by Swiss authorities
This content was published on
PrimeEnergy Cleantech has been officially declared bankrupt, the Swiss Official Gazette of Commerce (SOGC) reported on Monday.
This content was published on
The consumption of antibiotics has risen in Switzerland since the Covid-19 pandemic. However, compared to other European countries the Alpine country has one of the lowest levels of antibiotic usage.
Swiss financial watchdog foresees greater uncertainty due to geopolitics
This content was published on
The Swiss financial sector will face greater uncertainty due to the numerous geopolitical conflicts around the world, warns the Swiss Financial Market Supervisory Authority (FINMA).
Swiss museums to mark centenary of death of painter Félix Vallotton
This content was published on
Swiss museums will celebrate the centenary of the death of the artist Félix Vallotton (1865-1925) next year. A major retrospective is planned in Lausanne, his birthplace, in autumn.
Russian mission installs more ‘spy’ antennas in Geneva, Swiss TV report claims
This content was published on
Russian spies are strengthening their presence in Geneva, according to a report by Swiss public television, RTS. Russian officials have placed new satellite dishes on their diplomatic buildings without authorisation.
This content was published on
Switzerland should join NATO, as in the future it cannot rely on its long-standing tradition of neutrality for its defence, John Bolton, Donald Trump's former national security adviser, declared in an interview on Sunday.
This content was published on
A demonstration was held in Geneva on Sunday calling for an immediate end to the war in Ukraine. Around 50 Russians took part in the gathering outside the UN building.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.