bne IntelliNews – Switzerland gives up neutrality towards Russia, Japan joins Russian sanctions
Switzerland will adopt all European Union sanctions against Russian nationals and companies over the military invasion of Ukraine, in sharp departure from the country’s traditional neutral position, according to a statement by President and Foreign Minister Ignazio Cassis on February 28.
as detailed by bne IntelliNewsthe EU has expanded sectoral sanctions against Russia, closed its airspace to Russian aircraft and issued an additional sanctions list of 26 Russian nationals, including prominent oligarchs and allies of Russian President Vladimir Putin.
“We are in an extraordinary situation where extraordinary measures may be decided,” Cassis said, as quoted by Reuters. Reuters recalled that Switzerland backed away from sanctions when Russia annexed Crimea in 2014.
Switzerland has now imposed financial sanctions against President Vladimir Putin, Prime Minister Mikhail Mishustin and Foreign Minister Sergey Lavrov with immediate effect and has closed its airspace to most Russian aircraft.
Bern has also banned five oligarchs close to Putin from entering the country without giving any further details.
Swiss Finance Minister Ueli Maurer said that the Swiss financial center could easily absorb the effects of the sanctions against Russia. “It is often claimed that Russia is Switzerland’s most important financial centre, but it is not; it’s more of a small player,” Maurer said, as quoted by Reuters.
Russians held nearly CHF10.4 billion ($11.3 billion) in Switzerland in 2020, Reuters wrote, citing data from the Swiss National Bank.
In a separate announcement, Japan said it would sanction and freeze the assets of President Putin, ex-prime minister and deputy chairman of the Security Council Dmitry Medvedev, foreign ministry head Sergei Lavrov, and defense minister Sergei Shoigu. the head of the Security Council Nikolai Patrushev and the head of the Central Military Command Valery Gerasimov.
Japan will also impose sanctions on 49 Russian military-related companies, agencies and institutions.
These include the aircraft and shipbuilding industries such as Admiralty Shipyards, Irkut Corporation, Sukhoi, Kazan Helicopter Plant, UAC, OSK, MiG Corporation and Tupolev, among others.
In addition, Japan has sanctioned defense and security agencies such as the Ministry of Defense, including all units within the Russian Armed Forces, the Federal Security Bureau, the Foreign Intelligence Service (SVR), the Rosoboronexport Military Export Agency, the Oboronprom Military Industrial Agency, and others.
The EU has previously stated that it accepts Japan’s support for the exclusion of a “Selected number” of Russian banks from the SWIFT (Swift).