Switzerland Breaks Neutrality, Freezes Russia’s Assets

Switzerland is breaking with neutrality and freezing all of Russia’s assets in the country in a move to adopt the West’s sanctions against Russia due to the invasion of Ukraine, according to a press release from The Federal Council of Switzerland on Monday (Feb. 28).

A delegation of four of the seven members from The Federal Council, which is led by President Ignazio Cassis, also moved to extend the financial sanctions to include Russian President Vladimir Putin, Prime Minister Mikhail Mishustin and Foreign Minister Sergei Lavrov, effectively immediately. 

“Switzerland reaffirms its solidarity with Ukraine and its people; it will be delivering relief supplies for people who have fled to Poland,” according to the statement.

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“The defense of peace and security and respect for international law are values that Switzerland, as a democratic country, shares with its European neighbors and supports,” per the statement. 

Swiss airspace will be closed to all flights from Russia and to all flight movements of aircraft with Russian markings from Monday 3 p.m., in alignment with the closures in other European countries. 

“Today’s move does not affect Switzerland’s untouchable neutrality,” Cassis said in a Monday (Feb. 28) press conference regarding the announcement. “Playing into the hands of an aggressor is not neutral.” 

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Russian companies and individuals held assets worth more than $11 billion in Swiss banks in 2020, according to Swiss national bank data, the New York Times reported. 

At the U.N. Human Rights Council on Monday (Feb. 28), Cassis said that Russia’s invasion of Ukraine was a breach of international law. 

“There has been no provocation which could have justified such an intervention,” he said.

Switzerland is not banning Russia from commodity trading. Close to 80% of Russian commodity trading happens virtually via financial service centers in Switzerland, The Guardian reported. 

The Switzerland-based Bank for International Settlements (BIS) has previously said it cannot be used to circumvent western sanctions regarding Russia’s invasion of Ukraine.