Swiss lawmakers have backed steps aimed at making it possible to use Russian state assets frozen in Switzerland and other countries to finance war reparations in Ukraine.
The issue has been hotly debated in Switzerland, where discretion in the key banking industry and the country's tradition of neutrality are closely guarded.
The upper house of parliament voted 21 in favour of a series of proposals, 19 against and three abstentions. The lower house adopted the proposals last year.
The proposals paved the way for the Swiss Government - which supports the move - to start taking steps to create an international legal basis for using frozen assets of aggressor states to pay reparations in the countries attacked.
More than USD 8 billion worth of Russian central bank reserves and assets are held in Switzerland, where sound international banking is a major part of the country's economy and image.
"The facts are very clear indeed: Russia has seriously violated international law. It must therefore repair the damage done," Foreign Minister Ignazio Cassis told the upper house of parliament.
"There are international discussions going on at the moment about compensation mechanisms, and Switzerland is participating with its knowledge, skills and its entire history in this area."
Bern will now seek to establish the international legal basis needed to develop a compensation mechanism at a global level.
It will aim to allow frozen funds from an aggressor's central bank or the assets of its state-owned companies to be legally transferred to the attacked country. / BGNES
