Switzerland will adopt all the same sanctions already imposed by the European Union against Russia and its leaders and oligarchs over Russia’s invasion of Ukraine, Swiss President Ignazio Cassis said on February 28.
"This is a big step for Switzerland," Cassis said as he announced the decision, which will deprive wealthy Russians of access to one of their favorite places to deposit their money.
He told a news conference that Russia’s invasion was intolerable on moral and political grounds.
The traditionally neutral nation had come under increasing pressure to get in line with the EU after initially saying it would only ensure that EU sanctions could not be circumvented via Switzerland.
The decision came two days after an estimated 20,000 demonstrators marched in Switzerland in solidarity with Ukraine.
Switzerland will implement the sanctions in coordination with the EU, a government statement said on February 28, adding that the sanctions will primarily affect "goods and financial sanctions" but also include the freezing of the assets of individuals, including Russian President Vladimir Putin, and companies.
“The assets of the persons and companies listed in the annex to the ordinance are frozen with immediate effect; the ban on entering into new business relationships remains in place,” the statement said.
Aside from Putin the individuals include Prime Minister Mikhail Mishustin and Foreign Minister Sergei Lavrov.
Swiss Justice Minister Karin Keller-Sutter said that five oligarchs close to the Russian president and who had strong ties to Switzerland had been banned from entering the country.
In addition, the sanctions include the closure of Swiss airspace to all flights from Russia and to all movements of aircraft with Russian markings except for flights for humanitarian, medical, or diplomatic purposes.
Before shifting its approach, Switzerland, which is not an EU member, said it had carefully considered its "neutrality and peace policy," but Russia's unprecedented military attack on a sovereign European country "was the deciding factor" in its change of stance.
The announcement came as Russia's mission in Geneva announced that Lavrov, who had been scheduled travel to the Swiss city on March 1 to address the United Nations Human Rights Council, had been forced to cancel his trip due to the sanctions imposed by EU countries.