“In a liberal democracy, property rights are a fundamental right… it must have a legal basis”
The British daily The Guardian reported on the 5th (local time) that Switzerland reacted coldly to a proposal to use the frozen assets of the Russian government or oligarchy (Russian conglomerate) for reconstruction costs in Ukraine.
Swiss President Ignagio Cassis practically opposed the proposal at the closing press conference of the Ukrainian Reconstruction Conference in Lugano, Switzerland on the same day.
“Ownership and property rights are fundamental and human rights,” Cassis said.
“We must ensure that citizens are protected from state power,” he said. “This is what we call liberal democracy.”
Ukraine’s Prime Minister Dennis Shmidhal the day before said, “It is estimated that it will cost $750 billion (about 972 trillion won) to rebuild Ukraine. It could be financed by the assets of the Russian government or oligarchy,” he said.
However, President Cassis stressed that while it was justified to freeze assets to clarify whether they had any links to ownership or war or crime, the “principle of proportionality” under international law should also be considered.
It also explained that the confiscation of Russian assets could set a dangerous precedent.
Switzerland is a country with a high financial secrecy index that is called the world’s best tax haven.
In February, the Swiss government decided to join the European Union (EU) sanctions against Russia, including asset freezes, breaking away from the neutrality principle of not participating in international disputes, but it has been criticized for not having sufficient sanctions against Russia.
The Guardian said the extent to which members of the sanctioned Oligarch’s family would be allowed to own property in Switzerland is a matter of debate.
Switzerland’s National Economic Office (SECO) said in April that it had frozen Russian assets worth 9.7 billion Swiss francs (about 13.1 trillion won), but some funds have since been lifted.
Russia’s frozen funds in Switzerland announced last month decreased to 6.3 billion Swiss francs (8.5 trillion won).
The Western-oriented multinational task force (TF) announced on the 29th of last month that it had frozen about $330 billion (428 trillion won) of assets owned by the Russian leadership and the central bank.
In terms of the amount alone, it is comparable to the size of Russia’s frozen assets, which Ukraine insists should be covered for reconstruction costs.
Currently, the UK, EU and Canada support the proposal to help Ukraine by confiscating Russian assets sanctioned by the West.
Canada already gave the government the power to seize and sell the oligarchy assets in April, allowing the proceeds to be sent to Ukraine.
/yunhap news
