The country will not confiscate blocked funds despite pressure from Western allies, an official said Swiss banks have no legal right to use Russian money frozen in the country under sanctions for their own purposes, a spokesperson for the country’s State Secretariat for Economic Affairs (SECO), Fabian Maienfisch, told the RIA novosti news agency this week. Any action that allows the management or use of frozen assets is prohibited except for routine administrative actions performed by financial institutions such as accounting for interest rates or banking charges on the account, he noted. “The management of actual
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