Switzerland on Monday, 28 February, said it will adopt the package of sanctions against Russia implemented by the European Union and freeze the assets of the Russians in the country, reported news agency Reuters.
The decision makes for a sharp deviation from the traditional neutrality of the Alpine country. Switzerland has so far avoided imposing sanctions, even when Russia annexed Crimea in 2014.
The government under the President of the Swiss Confederation, Ignazio Cassis, stated they would immediately freeze the assets of Russia’s President Putin, PM Mikhail Mishustin and Foreign Minister Sergey Lavrov, as well as all 367 individuals sanctioned last week by the European Union.
"In view of Russia’s continuing military intervention in Ukraine, the Federal Council took the decision on 28 February to adopt the packages of sanctions imposed by the EU on 23 and 25 February," the government said in a statement.
Cassis also reaffirmed Switzerland's solidarity with the war-torn country and its people and offered to provide relief supplies to the civilians who have fled to Poland.
“There has been no provocation which could have justified such an intervention,” he said, according to The New York Times.
"The assets of listed individuals and companies are blocked with immediate effect. The financial sanctions against the Russian president, prime minister and foreign minister will also be implemented immediately," the statement further said.
Switzerland will also examine each further package of sanctions from the EU individually.
Nations Impose Sanctions on Russia
According to a report, recent sanctions have the approval of countries including United States, Great Britain, Italy, Canada, France and the European Commission.
The economic measures, which will also include restrictions on the Russian central bank's international reserves, come after a series of stringent sanctions on Russian entities and individuals, including President Putin and his foreign minister.
As the country attracted harsh sanctions over its war on Ukraine, Russian currency rouble plunged nearly 30 percent against the dollar on Monday.
However, Kremlin spokesperson Dmitry Peskov said on Monday that Russia would be able to endure the gruelling economic sanctions imposed on the country by the Western nations over its actions against Ukraine, AFP reported.
"The Western sanctions on Russia are hard, but our country has the necessary potential to compensate the damage," Peskov said.
(With inputs from Reuters and The New York Times.)
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