Feb 28, 2022: According to a report by Reuters, Swiss President Ignazio Cassis said that it was “very probable” that neutral Switzerland would follow the EU on Monday in sanctioning Russia and freezing Russian assets in the Alpine country.

When asked whether Switzerland which is a major financial centre and commodities trading hub, would follow the EU in freezing Russian assets, he said: “It is very probable that the government will decide to do so tomorrow, but I cannot anticipate decisions not yet taken.”

Cassis added that the seven-member Federal Council would meet on Monday and review recommendations by the departments of finance and economy.

Having to maintain its traditional neutrality to act as mediator while also showing solidarity to the West, Switzerland is walking a tight rope.

The country is nevertheless facing growing domestic pressure to side clearly with the West against Moscow and adopt punitive European Union sanctions. The government had so far said only that it will not let Switzerland be used as a platform to circumvent EU sanctions.

Around 20,000 people demonstrated in Bern on Saturday to support Ukraine, some booing the government over its cautious policy.

Switzerland’s government last week amended its watchlist to include 363 individuals and four companies that the EU had put on its sanctions list to punish Moscow.

Russians held nearly 10.4 billion Swiss francs ($11.24 billion) in Switzerland in 2020, Swiss National Bank data show. Switzerland is also a major trading centre for Russian commodities.

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