Switzerland Not Planning To Join REPO Group To Freeze Assets Of Russians - Ministry

Switzerland does not plan to join the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, which is designed to search for and seize foreign assets of Russians, the Swiss Federal Department of Economic Affairs, education and Research said.

Last week, the Swiss media published a letter signed by the ambassadors of the G7 countries working in Bern which, among other things, called on Switzerland to join the group, established in March 2022 by the G7 countries, Australia, and the European Commission.

"The Federal Council has taken note of a letter .

.. No other countries have joined the REPO Task Force to date. Cooperation at the technical level is running smoothly, and Switzerland therefore sees no need to formally join the REPO Task Force at present. Should membership prove to be in Switzerland's interest in the future, the Federal Council may re-evaluate the situation," the department said in a statement.

Switzerland has joined almost all European sanctions against Russia since February 24, 2022. In particular, Switzerland blocked 7.5 billion Swiss francs ($8.36 billion) in Russian assets in connection with the sanctions.