Switzerland has decided to freeze Russian assets. The President of the Swiss Confederation, Ignazio Cassis has announced that the country will resume “all” of the economic sanctions of the European Union, including against President Vladimir Putin, and the freezing of assets.
“This is a major measure by Switzerland“, said the president during a press briefing, adding that the Federal Council “take this step with conviction, thoughtfully and unequivocally”.
If Russia is only the 23rd commercial partner of Switzerland, the banks of the Alpine country are among the favorites of the big fortunes to invest their money.
Ueli Maurer, the Minister of Finance, pointed out that the assets of personalities who are on the EU blacklist “were frozen with immediate effect“.
For her part, the Minister of Justice, Karin Keller-Sutter indicated that five Russian or Ukrainian oligarchs “very close to Vladimir Putin“and with strong economic ties with Switzerland”were immediately banned from entering Switzerland“. These people targeted – whose names Switzerland does not want to make public – do not have a residence permit in Switzerland but important “economic ties especially in finance and commodity trading“, she added.
According to statistics from the Bank for International Settlements, Swiss banks’ liabilities to Russian customers amounted to $23 billion in the third quarter of 2021, including $21.4 billion in the form of deposits. Russian oligarchs also have interests in large Swiss companies.
In addition, 80% of Russian oil and gas trading is done in Switzerland, according to estimates cited by the Swiss press while the country is home to large commodity trading companies such as Gunvor, Trafigura or Glencore.