Financial Crime World

Switzerland Imposes Financial Sanctions and Embargoes on Russia Amid Ongoing Ukraine Crisis

February 28, Bern - The Federal Council has taken decisive action in response to Russia’s continued military intervention in Ukraine, adopting packages of sanctions imposed by the European Union. Effective immediately, the assets of individuals and companies listed are frozen, while financial sanctions targeting Russian President Vladimir Putin, Prime Minister Mikhail Mishustin, and Foreign Minister Sergey Lavrov have also been implemented.

Switzerland Stands in Solidarity with Ukraine

Switzerland reaffirms its solidarity with Ukraine and its people, pledging to deliver relief supplies to Poland for those who have fled. The country is strengthening its impact by implementing the EU’s sanctions, which are primarily aimed at goods and financial restrictions.

Sanctions and Embargoes Implemented

  • The assets of individuals and companies listed in the annex to the ordinance will be frozen immediately, with a ban on entering into new business relationships remaining in place.
  • Switzerland has imposed financial sanctions against Putin, Mishustin, and Lavrov, citing their responsibility for serious violations of international law.
  • The ban on imports, exports, and investments concerning Crimea and Sevastopol has been extended to the Ukrainian regions of Donetsk and Luhansk, which are no longer under government control.

Additional Measures

  • Swiss airspace will be closed to all flights from Russia and to all movements of aircraft with Russian markings from 3 pm on Monday, except for humanitarian, medical, or diplomatic purposes.
  • The country’s neutrality and peace policy considerations were taken into account in reaching these decisions.
  • Partial suspension of a 2009 visa facilitation agreement with Russian nationals has been decided, as well as entry bans against individuals connected to Switzerland who are close to the Russian president.

Commitment to Peace and Security

Switzerland reaffirmed its willingness to contribute to a solution through its good offices, citing the defense of peace and security, as well as respect for international law, as shared values with European neighbors and supported by Switzerland as a democratic country. Future packages of sanctions imposed by the EU will be examined on a case-by-case basis.

First Swiss Aid Package

As part of the first Swiss aid package worth 8 million Swiss francs, around 25 tonnes of relief supplies valued at approximately 400'000 Swiss francs will be delivered to Warsaw within the next few days. The Federal Department of Defence, Civil Protection and Sport is providing urgently needed medical supplies and medicines from the Armed Forces Pharmacy.

Humanitarian Aid Unit

Staff from the Swiss Humanitarian Aid Unit will accompany the aid shipment intended for the Ukrainian population in Ukraine and neighboring states.