‘An unparalleled action’: Switzerland forgoes neutrality to freeze Russian financial assets

March 1, 2022

Russians face a global financial backlash following Vladimir Putin‘s invasion of Ukraine that is so extensive that even the Swiss are taking sides, reports Raw Story.

“Switzerland, a favorite destination for Russian oligarchs and their money, announced on Monday that it would freeze Russian financial assets in the country, setting aside a deeply rooted tradition of neutrality to join the European Union and a growing number of nations seeking to penalize Russia for the invasion of Ukraine,” The New York Times reported.

The Times continued, “After a meeting with the Swiss Federal Council, Switzerland’s president, Ignazio Cassis, said that the country would immediately freeze the assets of Russia’s president, Vladimir V. Putin; Prime Minister Mikhail V. Mishustin; and Foreign Minister Sergey V. Lavrov; as well as all 367 individuals sanctioned last week by the European Union.”

“The Swiss Federal Council has decided today to fully adopt EU sanctions,” Swiss Federal President Ignazio Cassis said Monday, according to CNN. “It is an unparalleled action of Switzerland, who has always stayed neutral before.”

The sanctions will prevent Lavrov from flying to Geneva on Tuesday to address the UN Human Rights Council, Russia announced.

“Swiss national bank data showed that Russian companies and individuals held assets worth more than $11 billion in Swiss banks in 2020,” the Times reported. “Switzerland cherishes a reputation for neutrality that has established Geneva as a home to the United Nations and a host to peace talks in numerous conflicts, including the wars in Korea and Vietnam. Recently, Geneva was the venue for last year’s summit between President Biden and Mr. Putin.”

Research contact: @RawStory