Switzerland, a bastion of neutrality through two world wars, has decided to adopt wholesale swingeing EU sanctions against Russia, potentially freezing billions of dollars in assets and further increasing the pressure on the Russian economy. Swiss national bank data showed that Russian companies and individuals held assets worth more than $11bn in Swiss banks in 2020.
The Federal Council also announced it had banned five oligarchs close to Vladimir Putin from entering the country. Flights from Russia are being banned, although this will not apply to flights carrying diplomats.
