Neutral country Switzerland also indicates participation in sanctions against Russia

President Cassis: "High Possibility of Swiss Government Deciding to Freeze Russian Assets on the 28th"

Ignazio Cassis, President of Switzerland [Photo by Reuters Yonhap News]

[Asia Economy Reporter Byunghee Park] The small neutral country Switzerland has expressed its intention to join the sanctions against Russia.

On the 27th (local time), according to major foreign media, Ignazio Cassis, President of Switzerland, said in an interview with Swiss public broadcaster RTS TV that the Swiss government is very likely to take sanctions against Russia on the 28th.

President Cassis stated, "It is very likely that Switzerland will follow the European Union (EU) sanctions and freeze Russian assets within Switzerland," adding, "The Ministry of Finance and the Ministry of Economic Affairs are currently reviewing the proposed sanctions."

According to the Swiss National Bank, Russian-related assets in Switzerland amount to about 10.4 billion Swiss francs (approximately 13.53 trillion Korean won). Switzerland is a financial and commodity trading hub, so if Switzerland moves to freeze Russian assets, it is expected to deal another economic blow to Russia.

Switzerland is a small neutral country and has not joined the European Union (EU) or the North Atlantic Treaty Organization (NATO). However, it is interpreted that Switzerland has decided to align with the EU and NATO, judging Russia's invasion of Ukraine to be a serious situation.

Until now, the Swiss government has maintained only the position that it will not allow Switzerland to be exploited by Russia as a means to evade EU sanctions. On the 26th, about 20,000 protesters gathered in the capital Bern, the largest number in decades, to hold a demonstration condemning Russia. The protesters also voiced criticism of the government, which has maintained a cautious stance.

President Cassis said, "Switzerland's neutral position must be preserved," and added, "If the negotiations between Russia and Ukraine to be held in Belarus fail, Switzerland is prepared to provide a venue for a ceasefire."

He also stated that Switzerland will accept Ukrainian refugees during this turbulent time of war. Separately, Karin Keller-Sutter, Minister of Justice, said, "We are ready to accept those in need of protection," and "We will help neighboring countries that are affected."

This content was produced with the assistance of AI translation services.