October 3, 2022

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Sanctioned Russians clash with Swiss banks |  Financial issues

Sanctioned Russians clash with Swiss banks | Financial issues

The European Union has imposed sanctions on at least 363 individuals and four Russian companies. Berne said Swiss financial institutions are now barred from entering into new business relationships with the people and companies on the list. “At the same time, financial intermediaries should urgently report on existing business relationships with these individuals, companies and organizations,” the government said.

Penalties

It is not known how Switzerland will monitor these measures. However, the government stated that it is working to introduce amendments to the sanctions list to prevent sanctions from being circumvented.

Switzerland itself has not imposed sanctions on Russia, nor does it apply European sanctions directly. According to the Swiss Ministry of Economic Affairs, the country has been known to have pursued a policy of neutrality and diplomacy for decades. According to Bern, the Swiss position is “respected and understandable” in the European Union.

Switzerland, like other countries, began to evacuate its embassy from the Ukrainian capital, Kiev. The country plans to maintain a minimum occupation of six or seven diplomats.

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