The Swiss government has refused to seize Russian assets because it allegedly violates the constitution and undermines the existing legal order.

The Federal Council of Switzerland notes, amid international discussions and several parliamentary inquiries, the Federal Council asked the administration to examine the legal situation regarding assets currently frozen in Switzerland as a result of sanctions against Russia. A working group led by the Federal Office of Justice concluded that the confiscation of private Russian assets would undermine the Federal Constitution and the prevailing legal order.

"The working group representing the State Secretariat for Economic Affairs (SECO), the State Secretariat for International Finance (SIF) and the Directorate of International Law (DIL), led by the FOJ, concluded that the expropriation of private assets of lawful origin without compensation is not permissible under Swiss law. The confiscation of frozen private assets is inconsistent with the Federal Constitution and the prevailing legal order and violates Switzerland's international commitments. Other countries have similar constitutional rights and guarantees," the statement reads.

At the same time, Switzerland will continue to consider the possibility of seizing Russia's central bank currency reserves and other state assets and introducing tougher criminal penalties for violating sanctions.

"Switzerland is closely following these proposals and contributes its views to the discussions. The relevant offices will inform the Federal Council regularly on international developments in this regard," the message reads.

"Independent of the discussions on frozen Russian assets, the Federal Council has reiterated its intention to continue its support for Ukraine," the Swiss government added.

Previously, Swiss Foreign Minister Ignazio Cassis stated that his country supports the idea of confiscating frozen Russian assets and using them to rebuild Ukraine, but the banks flatly oppose such an idea.