Switzerland to help Ukraine identify assets of russian oligarchs

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Ukraine will work with Switzerland on methods of identifying investments and assets owned by russian oligarchs, the Ambassador of Ukraine to Switzerland, Artem Rybchenko, was cited as saying in an interview with Radio NV, ukrinform.net reported.

“We are negotiating this. There was a visit of our special envoy for sanctions recently. In other words, work is going on in this regard,” Rybchenko said. He noted that there are “quite a lot” of russian investments in Switzerland, but there are different ways of investing these funds, so it is not always clear whether they are actually russian-owned.

In this context, the diplomat emphasized the need to act in accordance with the current legislation, “so that later there are no appeals and we simply do not lose these opportunities and time, moving without legal support.”

As reported, a new property register came into effect in Great Britain on August 1, which is designed to stop money laundering. The new system appeared against the backdrop of economic sanctions imposed in response to russia’s full-scale invasion of Ukraine.

From now on, any foreign company that seeks to buy land or property in the UK will have to disclose its actual owners. Those who refuse to reveal the name of their true owner shall face a fine of up to GBP2,500 a day or up to five years in prison. Beneficiaries or principals must be registered within six months.

The register also covers properties bought since January 1999 in England and Wales and since December 2014 in Scotland.

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