Switzerland won’t join G-7 task force on Russian oligarch money

Switzerland’s lower chamber dismisses motion to join G-7 task force aimed at Russian oligarch asset tracking

The lower chamber of Switzerland’s parliament decisively voted against a proposal to participate in a G-7 task force that would track and confiscate assets belonging to Russian oligarchs.

The task force in question, the Russian Elites, Proxies and Oligarchs (REPO), was established in March 2022 through collaboration between the European Union, the G7 nations, and Australia.

The Green Party’s proposal met with significant opposition, as 101 lawmakers voted against it, while 80 voted in favor.

The parliamentary Foreign Affairs Committee (FAC) had previously supported Switzerland’s inclusion in the task force, as outlined in a report issued on March 25.

‘Joining this task force would not bring real added value for Switzerland’

The FAC argued that Switzerland’s active involvement was imperative to ensure the full implementation of sanctions against Russia in response to its aggression toward Ukraine.

However, the Swiss government, represented by Justice Minister Beat Jans, expressed reservations about joining the task force.

During the parliamentary debate, Jans asserted that Switzerland’s cooperation with participating states was already technically efficient.

He emphasized the government’s belief that joining the task force would not provide tangible benefits for Switzerland, stating: “Switzerland’s commitment to the implementation of sanctions is internationally recognized.”

Highlighting Switzerland’s neutral stance, Jans underscored the importance of maintaining an independent position.

“As a neutral state, Switzerland is interested in taking an independent position,” he added.

Non-participation affords Switzerland greater flexibility

He suggested that non-participation afforded Switzerland greater flexibility in offering its diplomatic services.

According to Jans, Switzerland’s neutrality was conducive to facilitating negotiations and mediating conflicts.

The decision not to join the REPO task force does not diminish Switzerland’s efforts to enforce sanctions against Russia. According to the Swiss State Secretariat for Economic Affairs (SECO), significant assets belonging to Russian entities, totaling 7.5 billion Swiss francs ($8.2 billion), have been blocked in Switzerland.

Additionally, SECO reports that 7.4 billion Swiss francs ($8.1 billion) in funds from Russia’s central bank have been frozen.

In a letter, the ambassadors of the G-7 countries demanded that Switzerland cooperate more closely in the search for Russian oligarchs’ assets.

The Federal Council rejected the criticism, arguing that the amount of assets frozen in Switzerland was respectable by international standards. 

Source: Newsroom