Switzerland instructs to freeze the accounts of Russians on the EU sanctions list

Switzerland has instructed its banks to freeze the assets of individuals and legal entities included in the list of sanctions imposed by the European Union against Russia after the attack on Ukraine.

This was reported by Bloomberg.

Switzerland has said it will comply with the latest European Union sanctions against Russia and ensure that its banks cut off all contact with Russian targets and institutions.

The government has previously amended its watch list to include 363 individuals and four companies that the EU added to its sanctions list this week to punish Moscow.

"Swiss financial intermediaries are now barred from entering into new business relationships" with the latest list of 363 individuals and four companies declared by the EU, the government said in a statement.

"At the same time, financial intermediaries are obliged to immediately report on existing business relationships with these individuals, companies, and organizations."

According to a statement from the Swiss Financial Markets Authority (FINMA), "financial intermediaries are invited to immediately block relevant assets and report such business relationships (public authority) to the SECO in accordance with the provisions of the regulation".

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

"It is clear to the Cabinet of Ministers 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.

It will be recalled that on February 23, the European Union at a meeting agreed on a strong sanctions package.

In addition, the Council of Europe suspends Russia's membership in the organization.

The statement was made by PACE President Tini Cox at a press conference in Strasbourg.