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 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.”
“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
