Switzerland to Double Financial Aid to Ukraine

Switzerland will double its financial aid to Ukraine to 100 million Swiss francs (about $103 million) by 2023, Swiss Confederation President Ignazio Cassis said on Tuesday.

During the Conference on the Restoration of Ukraine in Lugano, Cassis said in a statement that Switzerland will double its funding for bilateral cooperation with Ukraine to more than CHF 100 million ($104 million) by the end of 2023.

In addition, we provide funding through Ukraine's multilateral partners: the United Nations, the Organization for Security and Cooperation in Europe, the International Committee of the Red Cross, the World Bank, and the European Bank for Reconstruction and Development," He added.

Cassis noted that at least $15 million will be allocated for the development of Ukraine's digital economy.

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Moreover, he said, Switzerland is prepared to "support negotiations" for a cessation of hostilities when the time comes.

Russia started its military operation in Ukraine on February 24. Russian President Vladimir Putin described his goal as "to protect people who were subjected to genocide by the Kyiv regime for eight years".

According to the Russian Ministry of Defense, as of March 25, the armed forces have completed the main tasks of the first stage, significantly reducing the combat potential of Ukraine.