Russia’s war against Ukraine – all developments

After criticizing its lack of sanctions against Russia, Switzerland is now going a step further. Accounts are still not frozen, but Swiss financial intermediaries, i.e. banks and other financial brokers, are no longer allowed to enter into new business relationships with hundreds of people and companies that are on EU sanctions lists. This was announced by the Ministry of Economic Affairs on Friday. You must now also report all existing business relationships with these persons and companies.

Switzerland insists on its neutrality. It follows that no own sanctions be imposed. But she is doing everything to ensure that those affected do not bypass the sanctions via Switzerland. Government officials explained on Thursday that Russian citizens can continue to access their funds in Swiss accounts. “Neutrality serves as a fig leaf,” criticized the “Neue Zürcher Zeitung”.

Switzerland spoke of 361 individuals and four companies. The EU on Wednesday imposed new sanctions, including asset freezes, on 351 Russian MPs and 27 other people and companies or organizations.


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