The Swiss government today expanded sanctions against Russia in line with further measures imposed by the European Union, restricting exports and financial services to the country due to the largest attack on a European state since World War II.
In a sharp departure from its traditional neutrality, Switzerland moved on Monday to adopt EU sanctions on Russian individuals and companies by freezing their assets as part of sanctions against Russia for invading Ukraine.
Since last week, the 27-nation bloc has approved a series of sanctions against Moscow in the fields of economy, energy, exports and travel.
The measures include a freeze on assets of the Russian Central Bank, the closure of EU airspace to Russia, the exclusion of some Russian banks from the international SWIFT payment system and sanctions on Russian oligarchs.
Switzerland today adopted new financial measures – including a ban on trade with the Russian Central Bank and the adoption of EU SWIFT measures – while also blocking some exports to Russia.
These measures target, inter alia, assets that “could contribute to Russia’s military and technological improvement or the development of the defense and security sector”, for use in the aviation and space industries, as well as certain assets and services in the oil sector.
The government has also moved to be able to quickly accept Ukrainians who have fled the country in the midst of a raging war, enacting a special protection regime that allows them to obtain a residence permit in Switzerland without having to go through a regular asylum procedure.
Switzerland has said that the implementation of the new sanctions remains compatible with its neutrality, adding that it has provided exceptions to ensure that sanctions do not hinder humanitarian activities.
“The Federal Council continues to monitor developments closely,” the cabinet said. “It will decide autonomously whether it will adopt any further EU sanctions against Russia.”
The EU is working to take further steps that may include targeting cryptocurrencies, officials said yesterday.
European gas prices have risen amid ongoing sanctions and fears of cut-offs in gas supplies, 40% of which come from Russia.
Switzerland has also announced that its energy supply is adequate for this winter, but is working to implement a new plan for the Swiss gas industry.
Source: Capital
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