On Friday, the Swiss Federal Council rejected EU sanctions.
(Photo: imago images/Andreas Haas)
Zurich Switzerland decides to impose sanctions on Russia after all. Federal President Ignazio Cassis said on Monday: “Switzerland is on Ukraine’s side.” The federal government announced that it would fully adopt EU sanctions against Russia after the Russian army invaded Ukraine.
The first sanctions are primarily aimed at the financial assets of Russian citizens in Switzerland who are on the European Union’s sanctions list. Federal Councilor Ueli Maurer, who is responsible for finance, said: “The assets will be frozen immediately.” Those affected could no longer dispose of their assets. “This means we are compliant with the EU,” emphasized Maurer.
Other packages of sanctions, such as the exclusion of Russian financial institutions from the Swift Agreement, would be implemented directly in Swiss law as soon as the names of the banks concerned were known. “Switzerland is thus helping to ensure that the EU sanctions cannot be circumvented,” emphasized Maurer.
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