May 29, 2022

Brighton Journal

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Historically: Switzerland accepted the same EU sanctions against Russia and froze the assets of those close to Putin and the Kremlin.

President of Switzerland Ignacio Casis at a conference last February. Switzerland abandons historic neutrality and allows Russians to invade Ukraine (Reuters)

SwitzerlandA country that has historically been neutral in all world wars, Moscow will finally accept EU sanctions against the Russians involved in the invasion of Ukraine and freeze their assetsThe government said Monday that it was making a sharp departure from the traditions of the alpine country, the news agency reported. Reuters. Swiss President Ignacio Casis said on Sunday that Switzerland was “very likely” to enter the EU path..

The The Swiss Federal Council has also banned entry to Russian oligarchy and those close to Russian President Putin.The Federal Councilor explained Karin Keller-Sutter, during a press conference. For privacy protection reasons, five more people who did not provide additional information have been affectedAs mentioned SRF.

The company has also decided to partially suspend the 2009 agreement Visa facility for Russians. Diplomatic passport holders can enter the country without a visa. What else, Switzerland Promised humanitarian assistance and participation in dealing with the flow of refugees Keller-Sutter. “We want to be generous and simpleThe Minister of Justice further said that in connection with the admission of refugees.

For his part, the Swiss Minister of Finance, Ueli MaurerListed assets – to be shared with EU – will be frozen “Immediately”. At the same time, he promised.Switzerland will support this decisionRussia must be expelled from the organization Swift.

Swift System Logo REUTERS / Dado Ruvic / Illustration
Swift System Logo REUTERS / Dado Ruvic / Illustration

What is the SWIFT system?

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World Bank Telecommunication Association, Known by its acronym Swift, it is a consortium of financial institutions, mainly banks, which allows international transactions.

The move will affect the international reserves of some Russian banks and the Russian central bank, which will take effect “in the coming days,” the countries said in a statement.

SWIFT is the backbone of the global financial system. It stands for Society for Worldwide Interbank Financial Telecommunications, which has been in operation since 1973, and is used by 11,000 banks in 200 countries or territories to make transactions. Blocking access to Russian banks means cutting them off financially from the world.

File: People pass by the headquarters of the Central Bank in Moscow, Russia on February 11, 2019.  REUTERS / Maxim Shemetov
File: People pass by the headquarters of the Central Bank in Moscow, Russia on February 11, 2019. REUTERS / Maxim Shemetov

US sanctions on Russia’s central bank and investment fund

Office of Foreign Asset Control (OFAC) of the U.S. Treasury Department. It banned Americans from doing business with the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation.

The move would not effectively move any of the assets of the Central Bank of the Russian Federation in the United States or anywhere in the United States.

Also, following the instructions of President Joe Biden last week, OFAC approves Russian Direct Investment Fund (RDIF), a major Russian sovereign wealth fund Grill Dmitriev, CEO of the US Financial Institution and its CEO, is a well-known ally of Russian President Vladimir Putin. This is the same fund that funds vaccines against the Sputnik V corona virus.

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“Putin and his close friends have long relied on RDIF and Dmitriev to raise funds abroad, including in the United States. The United States continues to show its unwavering commitment to prevention, and to raise capital to finance its invasion of Ukraine and other priorities, “the State Department said in a statement on its website.

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