Russia-Ukraine War: Switzerland President Warns High Probability of Freezing Russian Swiss Accounts

The European Union proposed further measures on Sunday to support Ukraine in its struggle against Russia, including bans on Russian planes and state-owned media.

"In another unprecedented step, we will outlaw the Kremlin's propaganda machine in the EU," European Commission President Ursula Gertrud von der Leyen said, citing Russia Today and Sputnik.

Switzerland Likely To Follow EU, Freeze Russian Assets

FedEx and UPS declared that shipments to Russia would be suspended, further isolating Russia's economy from the rest of the world. After initially rejecting the suggestion, Ukraine agreed to meet with Russian officials in Belarus, and Russia's nuclear deterrent forces have been placed on high alert, according to Russian President Vladimir Putin.

According to a US defense official, fighting continued across Ukraine early Sunday, with the Russian assault looking to be stalled by stiffer-than-expected resistance. Fighting erupted in the area surrounding Kyiv, with explosions and air-raid sirens audible, while Ukrainian officials seized control of Kharkiv, Ukraine's second-largest city, from Russian soldiers.

On Sunday, Swiss President Ignazio Cassis stated that neutral Switzerland would "very likely" follow the European Union (EU) in banning Russia and freezing Russian assets in the Alpine country on Monday. Cassis, speaking on Swiss public television in French, said the seven-member Federal Council would convene on Monday to discuss recommendations from the finance and economy departments, NBC News reported.

After Moscow's bloody military intervention in Ukraine, the Swiss executive branch refrained from adopting unilateral penalties against Russian interests. Instead, the Federal Council chose to follow the European Union's lead and declare that Russian persons and enterprises subject to EU sanctions will not be able to avoid them in Switzerland, which is not one of the EU's 27 member states.

Financial "intermediaries" in Switzerland have been barred from forming new business agreements with 363 Russians and four Russian firms, according to the Swiss government. Any existing firm must be disclosed to the Swiss Secretariat for Economic Affairs. Additional steps are being considered.

While the measures are minor in comparison to previous Western sanctions targeted at punishing Russia for its invasion of Ukraine, they could have an impact. According to a study published by the Swiss Embassy in Moscow, the rich Alpine nation has been the largest receiver of transactions by Russian private people, ahead of the United Kingdom, Spain, Luxembourg, and the United States, as per Independent.

Switzerland Urges Neutrality into Swiss Law

Federal Councilor Guy Parmelin, the head of the federal economic affairs department, stated that while Switzerland was bound by UN sanctions, it could choose whether or not to follow EU sanctions based on criteria such as foreign policy and legal aspects, such as legislation that enshrined "neutrality" in Swiss law.

Swiss officials are effectively expanding limitations imposed following Russia's takeover of Crimea in 2014, in which they also attempted to ensure that EU sanctions were not circumvented in Switzerland, to hundreds more people and businesses - but they're going even further.

Even while Switzerland is neither implementing its own penalties nor directly enforcing the EU measures, the ministers tried to reaffirm that the country, whose banks have long drawn Russian cash, is taking a severe stance against the Russian aristocracy.

While he understands that people are angry and want the government to do more, Parmelin told reporters that the Swiss policy of neutrality and diplomacy has been in place for decades and is "recognized and understood" in the EU, according to The Straits Times.

Switzerland has begun to evacuate its embassy in Kyiv, Ukraine's capital, but intends to preserve a skeleton staff of six or seven personnel, according to Swiss President Ignazio Cassis.