ZURICH Feb 10 The confiscation of Russian assets will set a dangerous precedent for global financial system, the Russian Federation reserves the right to retaliate, Russian Ambassador to Switzerland Sergei Garmonin said in an interview.
The diplomat recalled that because of the sanctions, Switzerland froze about $7.5 billion of Russian assets and blocked 15 real estate properties. Garmonin stressed that the confiscation of frozen funds or property of Russian citizens cannot be qualified otherwise than as theft.
«There can be no other interpretation here, no matter what 'legitimate reasons' Western quasi-jurists are now inventing. I am convinced that the implementation of this illegitimate undertaking will open a 'Pandora's box' and create a dangerous precedent for the global financial system,» said He.
According to the Russian ambassador, the West, by its actions, endangers the very concept of property rights, the inviolability of which has always been considered «the foundation of the foundations» of Western civilization.
«Of course, Russia reserves the right to take retaliatory measures to protect its interests,» Garmonin said.
Earlier, the representative of the Swiss Foreign Ministry, Livia Ley, stated that there is no legal basis in the country for the confiscation of blocked Russian assets and their transfer to Ukraine. The head of the Federal Department of Foreign Affairs (MFA) of the Confederation, Ignazio Cassis, said that the issue of confiscation of Russian funds could be resolved in Switzerland through a referendum.
The G7 countries have previously stated that they consider it expedient to explore ways of directing Russian assets to the reconstruction of Ukraine. In December, the G7 countries announced the creation of a coordination platform to support the process of recovery and reconstruction of Ukraine. The EU has also previously repeatedly stated that it is studying the possible use of frozen Russian assets for the needs of restoring Ukraine, but so far there is no legislative basis for such actions in the European Union.