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Friday, March 3, 2023
Volume:
39
Issue:
3
Abstract:
On February 15, 2023, the Swiss Federal Council decided to launch administrative proceedings to confiscate assets linked to former Ukrainian President Yanukovych, and his associates, that have been frozen since the 2014 Ukrainian revolution that saw him leave his office. The Federal Council instructed the Federal Department of Finances (FDF) to initiate forfeiture proceedings in the Federal Administrative Court (FAC) for assets totaling over $130 million in Swiss francs. Pursuant to prior agreements, any property that is permanently confiscated will be returned to Ukraine.[1]