Switzerland has asked banks to freeze the assets of individuals and legal entities on the blacklist of European Union sanctions against Russia for its invasion of Ukraine.

This was reported by Reuters.

The instruction of the Swiss Financial Markets Authority (FINMA) increases the pressure that Bern is exerting in solidarity with the West, but still tries to keep the door open to the potential role of mediator.

“Financial intermediaries are asked to immediately block the relevant assets and report such business relationships (government agency) to SECO in accordance with the provisions of the resolution,” the FINMA website said.

Earlier, the government amended its checklist order to include 363 individuals and four companies the EU put on the sanctions list this week.

FINMA did not specify how much money will be frozen. According to the National Bank of Switzerland, in 2020 the Russians owned almost 10.4 billion Swiss francs ($ 11.21 billion) in Switzerland. 

“It is clear to the Federal Council that Switzerland will directly take all EU measures against individuals and groups. For example, these individuals are no longer allowed to enter Switzerland,” said Economy Minister Guy Parmelin.

But that has not stopped Switzerland from acting as a mediator to help end the conflict, officials said.

“Our position, and above all my goal, is to leave the door open so that we can do what most other countries can no longer do – to leave open the channels between countries that no longer have diplomatic relations. Switzerland can provide this extra value, “said President and Foreign Minister Ignacio Cassis. 

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