Swiss President vows to do everything possible to comply with sanctions

Switzerland is doing everything possible to comply with sanctions against RUSSIA, President Alain Berset said after meeting with Chancellor Olaf Scholz in Berlin. His words are quoted by the Frankfurter Allgemeine.

Berset said that Switzerland condemns the military operation in Ukraine. The President stressed that the country cannot provide military assistance to the Ukrainian side, because Switzerland is neutral. “We cannot break our own laws,” Berset said. 

Nevertheless, Berset noted the importance of providing humanitarian assistance to Ukraine and complying with sanctions against Russia. Berset said that the assets of Russian businessmen worth 7.5 billion Swiss francs were confiscated in the country. 

On March 29, Switzerland joined the tenth package of EU sanctions against Russia. As part of this package, the EXPORT of rare earth metals, construction cranes, power generators and many other goods to Russia is prohibited. Banks from Russia (Tinkoff Bank and Rosbank), as well as the National Welfare Fund, also fell under the sanctions . The confederation has previously joined the sanctions against Russia because of the military operation in Ukraine, copying the restrictive measures of the European Union.

Last week, two Swiss lawyers who work with Russian clients told RBC that banks have begun warning Russian clients to close their accounts if they pay taxes to the Russian budget. In February 2023, one of the largest banks in Switzerland, Credit Suisse, froze Russian assets totaling 17.6 billion Swiss francs (about $19 billion).