Swiss authorities ordered to block the funds of Russians caught under EU sanctions
Photo: Arnd Wiegmann / Reuters
The Swiss authorities ordered to freeze the funds of Russians and legal entities blacklisted by European Union sanctions due to the situation in Ukraine. It is reported by Reuters with reference to the Swiss Financial Market Supervisory Authority (FINMA).
“Financial intermediaries are requested to immediately freeze the relevant assets and report such business relationships to [government agency] SECO in accordance with the provisions of the ruling,” the organization’s website says.
The department did not specify how much money of Russians who fell under EU sanctions will be frozen. According to the news agency, according to the Swiss National Bank, in 2020 Russian citizens held almost 10.4 billion Swiss francs ($11.21 billion) in Switzerland.
Economy Minister Guy Parmelin said that Switzerland is ready to take all EU measures regarding groups and individuals who are under sanctions. “For example, these persons will no longer be allowed to enter Switzerland,” he said.
Earlier, Swiss Federal Foreign Affairs Adviser Ignazio Cassis said that the government had decided to tighten measures against Russia because of the situation in Ukraine and the military operation in the Donbass. The authorities intend to adjust some regulatory norms so that Switzerland cannot be used by Russia to circumvent the sanctions imposed by the European Union.
The government has decided to impose financial sanctions against three Russian banks and 361 State Duma deputies. In particular, Russian legislators will be affected by travel restrictions. Cassis did not specify which banks would be subject to restrictions.
On February 24, Russian President Vladimir Putin announced that he had decided to conduct a special military operation to protect Donbass. The head of state also turned to external forces that might try to create a threat to Russia – according to him, the answer will be immediate.
