Switzerland approves new EU sanctions on Russia

The Swiss government expanded sanctions against Russia on Friday in line with the new measures imposed by the European Union (EU), tightening exports and financial services to the country for the largest attack on a European state since World War II.

In a sharp departure from its usual neutrality, Switzerland on Monday adopted sanctions that the European Union has imposed on Russian individuals and companies and froze their assets to punish the invasion of Ukraine.

The 27-member EU bloc has since last week passed a series of financial, energy, export and travel bans.

These include the freezing of Russian central bank assets, the closure of EU airspace to Russia, the withdrawal of several Russian banks from the Swift international payment system, and sanctions on a group of Russian tycoons.

On Friday, Switzerland adopted new financial measures – including a ban on transactions with the Russian Central Bank and the adoption of the EU measures by the Swift system – in addition to blocking a series of exports to Russia.

These are, among other things, goods that “could contribute to the military and technological improvement of Russia or the development of the defense and security sector”, for use in the aviation and space industry, as well as certain goods and services in the oil sector.

The government also moved to be able to quickly accept Ukrainians who have fled the country amid the war, activating a special protection status that allows them to receive a right of residence in Switzerland without having to go through a regular asylum procedure.

Switzerland said that its application of the new sanctions remained consistent with its neutrality, adding that it had provided for exemptions to ensure that the sanctions did not hamper humanitarian activities.

“The Federal Council continues to closely monitor the evolution of the situation”, said the cabinet. “It will decide autonomously whether to adopt new EU sanctions against Russia.”

The EU is preparing new measures that could include the attack on cryptocurrencies, officials said on Thursday.

Gas prices in Europe have risen amid ongoing sanctions and fears of disruptions to natural gas supplies, 40% of which is supplied by Russia.

Switzerland declared on Friday that its energy supply was secure for this winter, but that it was working to put in place a new plan for the Swiss gas industry.