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Swiss citizens called for strict neutrality at a demonstration organised by the Mass-Voll! movement on Saturday 11 March 2023 on the Bundesplatz in Bern. <\/p>\n
Keystone \/ Anthony Anex <\/p>\n
Swiss voters will decide on September 27 on a popular initiative on neutrality, which was launched to denounce Switzerland\u2019s economic sanctions against Russia. But what is the true scope of these sanctions? And is Switzerland implementing them effectively?\n<\/p>\n
This content was published on <\/p>\n
August 28, 2026 – 09:00\n<\/p>\n
What sanctions is Switzerland imposing on Russia?<\/p>\n
Due to Russia\u2019s veto in the UN Security Council, there is currently no comprehensive UN sanctions regime against Moscow. Following the invasion of Ukraine on February 24, 2022, Switzerland\u2019s main political response was to adopt the sanctions imposed by the European Union.<\/p>\n
A price cap on Russian oil, a ban on imports of Russian coal, vodka and diamonds, and the exclusion of certain banks from the SWIFT payment system: over the past four years, the EU has adopted 21 rounds of sanctions against Russia, the most recent at the end of July. With the notable exception of a provision concerning the overseas subsidiaries of Swiss companies, the Swiss government has adopted almost all of the EU sanctions since February 2022.<\/p>\n
Switzerland is also applying sanctions against nearly 2,790 Russian individuals, companies or organisations. The measures include, in particular, the freezing of assets held in Switzerland and a ban on making funds or economic resources available. Like Putin and his foreign minister, Sergei Lavrov, those subject to sanctions are also barred from entering or transiting through Swiss territory, unless they are participating in peace negotiations in Switzerland.<\/p>\n
As of July 1, 2026, CHF8.5 billion ($10.5 billion) in financial assets, 14 properties, as well as sports and luxury vehicles, aircraft, works of art, furniture and musical instruments belonging to individuals, companies and organisations on the sanctions lists were frozen in Switzerland.<\/p>\n
Why is Switzerland joining these sanctions?<\/p>\n
Switzerland is not only one of the world\u2019s most important financial centres, but it is also a haven for many oligarchs and a key hub for Russian coal and oil trading. Before the war, around 75% of the trade in Russian coal passed through Switzerland. The figure stood at around 60% for oil. These sanctions therefore represent the main lever available to Switzerland to curb the financing of the war against Ukraine.<\/p>\n
>>Read our explainer article about the main issues of the neutrality vote on September 27:<\/p>\n
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Swiss Politics\n <\/p>\n
Should Swiss neutrality be stricter? Voters will decide <\/p>\n
This content was published on <\/p>\n
Jul 24, 2026 <\/p>\n
On September 27, Swiss voters will decide on whether or not to enshrine a stricter definition of neutrality into the country\u2019s constitution. <\/p>\n
<\/p>\n Read more: Should Swiss neutrality be stricter? Voters will decide Have these sanctions had the desired effect?<\/p>\n At first glance, the Russian economy has not suffered the predicted collapse, and its financial system appears relatively resilient. Nevertheless, since the start of the war, growth in the Russian economy has been driven primarily by a shift towards the war effort, thanks to substantial state support. At the same time, Russia has managed to mitigate the effects of Western sanctions by relying on third countries and redirecting a large proportion of its oil exports to markets such as China and India.<\/p>\n Experts point out, however, that the effectiveness of sanctions is measured above all in the long term. The restrictions imposed on Russia limit its access to certain technologies, foreign capital and Western financial markets. While they have not brought an end to the war in Ukraine, they are helping to increase the economic and financial cost of the conflict for Moscow.<\/p>\n \u201cThese sanctions are, above all, a political tool at the European Union\u2019s disposal,\u201d says Robert Bachmann, a commodities and financial sector specialist at the NGO Public Eye. \u201cThey come at a significant cost to the oligarchs and figures close to Vladimir Putin. If the Russian regime were to start showing cracks, lifting the sanctions could serve as a bargaining chip in any future negotiations with Brussels.\u201d<\/p>\n How is Switzerland enforcing the sanctions?<\/p>\n \u201cThe effective and seamless implementation of sanctions against Russia is a priority for the Federal Council [government],\u201d emphasises Fabian Maienfisch, spokesperson for the State Secretariat for Economic Affairs (SECO), the federal body responsible for implementing these sanctions.<\/p>\n In 2023, however, in a letter addressed to the government, the G7 ambassadors criticised Switzerland for not doing enough to identify, trace and freeze Russian assets hidden in Swiss banks. Several other criticisms were levelled at Switzerland by G7 members, European and US officials, as well as certain experts. These criticisms related in particular to the lack of resources to effectively monitor the implementation of sanctions, as well as the lack of transparency in the Swiss commodities trading sector.<\/p>\n Following the G7\u2019s criticism, Switzerland stepped up its sanctions controls against Russia in 2024. The priority is to intensify monitoring of compliance with the embargoes on Russian oil and coal.<\/p>\n A specialised investigation unit has been set up, with around 15 staff assigned exclusively to this task. To date, around 850 reports of suspected sanctions violations have been forwarded to SECO. Four cases have been referred to the Office of the Attorney General of Switzerland (OAG) for the initiation of criminal proceedings. \u201cSanctions violations are systematically punished,\u201d Maienfisch says.<\/p>\n More <\/p>\n How neutral should Switzerland actually be? <\/p>\n For some it isn\u2019t neutral enough, for others it\u2019s too much so. What do you think \u2013 how should Switzerland shape its neutrality today?\n <\/p>\n <\/p>\n View the discussion Could Switzerland do more?<\/p>\n \u201cDespite the progress made, there are still gaps in the regulatory framework,\u201d says Bachmann of Public Eye. The first concerns the lack of oversight of non-financial intermediaries, such as lawyers, trustees and wealth advisers, who play a key role in the management and structuring of assets. NGOs also criticise the lack of transparency and oversight in the commodities trade in Switzerland, arguing that this sector still poses a risk of sanctions against Russia being circumvented.<\/p>\n SECO rejects these criticisms, emphasising that Switzerland is participating in the coordinated international sanctions targeting Russia in the commodities sector. \u201cThe competent authorities have, to a large extent, the legal basis and the necessary resources to ensure the proper implementation and enforcement of sanctions in this area. [\u2026] Cooperation between the various relevant federal departments, as well as with foreign partner authorities, is working very well,\u201d Maienfisch says.<\/p>\n Public Eye points out that Switzerland has never joined the international \u201ctaskforce\u201d responsible for implementing sanctions against Russia. The NGO also highlights the fundamental conflict of interest facing SECO, as it is both the country\u2019s economic promotion agency and the body responsible for enforcing the sanctions.<\/p>\n \u201cIt is far too passive, waiting for problems to be reported to it rather than carrying out its own proactive risk analysis,\u201d Bachmann says. \u201cThis task should be entrusted to another federal body.\u201d<\/p>\n >> What does it mean to be neutral in 2026?<\/p>\n More <\/p>\n Foreign Affairs\n <\/p>\n What does the future hold for Swiss neutrality? <\/p>\n Switzerland is grappling with a key question: should it follow a path of openness or isolationism? <\/p>\n <\/p>\n Read more: What does the future hold for Swiss neutrality?
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