G7 ambassadors urge Switzerland to crack down on wealth of Russian oligarchs

G7 ambassadors in Switzerland have urged greater cooperation by Bern with the US-led Russian Elites, Proxies and Oligarchs (‘REPO’) task force to find and confiscate hidden Russian wealth that may be funding the war in Ukraine.

The REPO Task Force, which includes representatives of the United States, Australia, Canada, France, Germany, Italy, Japan and the European Commission, has said it has blocked or frozen more than $58 billion worth of sanctioned Russians’ assets, and vowed to ‘redouble efforts’ to punish Moscow for its war in Ukraine by going after such wealth.

Meanwhile, the head of Swiss customs said that the Russia sanctions are not properly understood by all companies in Switzerland.

Out of 126 shipments reported by the Swiss customs for violating sanctions against Russia only two have resulted in penalties, said Alexandra Meier, head of the Federal Office for Customs and Border Security. She said that all declared exports and imports related to Russia are inspected and violations are reported to the State Secretariat for Economic Affairs (‘SECO’), the state-owned Swiss Radio and Television (‘SRF’) has reported.

Meier said that customs officers discover most violations after the companies themselves declare that their exports are going to Russia, as they are not properly aware of regulations under the Russia sanctions, which, she said, are confusing.

‘The sanctions regulations have been amended umpteen times. The range of goods that are regulated is constantly changing,’ she said, adding that violations of Russia sanctions ‘can still happen due to insufficient care.’