Switzerland accepts EU sanctions against Russia

Federal building in Bern

On Friday, the Swiss Federal Council rejected EU sanctions.

(Photo: Imago Images/Andreas Haas)

Zurich Switzerland decides after all to impose sanctions on Russia. “Switzerland is on Ukraine’s side,” Federal President Ignazio Cassis said on Monday. The federal government announced that it would fully adopt EU sanctions against Russia after the Russian military’s invasion of Ukraine.

The first sanctions primarily target the financial assets of Russian citizens in Switzerland who are on the EU sanctions list. “Assets will be frozen immediately,” said Federal Councilor Uli Maurer in charge of finances, and those affected can no longer dispose of their assets. “This means that we are committed to the European Union,” Maurer emphasized.

Other packages of sanctions, such as excluding Russian financial institutions from the SWIFT agreement, will be implemented directly into Swiss law once the names of the banks involved are known. “Switzerland therefore helps to ensure that EU sanctions are not being circumvented,” Maurer stressed.

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