03-01-2022
Switzerland and Morocco Have Joined EU Sanctions against Russia
Switzerland has a long tradition of neutrality during world wars. It has decided to adopt EU sanctions against Russia, potentially freezing billions of dollars in assets and further increasing the pressure on the Russian economy. Swiss national bank data showed that Russian 363 companies and individuals held assets worth more than $11 billion in Swiss banks in 2020.
The Federal Council announced it had banned five oligarchs close to Vladimir Putin from entering the country. Flights from Russia are being banned, although this will not apply to flights carrying diplomats.
Morocco also announced to join the EU sanctions against Russia. There are 750 ultra rich Russians who have bank accounts in Morocco including Russian king of fertilizers and numerous owners of basketball teams.
Switzerland had until now adopted very limited measures, including barring Swiss companies from taking on new business with three Russian oligarchs named by the EU as sanctions targets last week. Switzerland is obliged by law to adopt UN sanctions but has a choice over how it responds to EU measures. Its refusal to do more last week was heavily criticized by the EU for letting neutrality and Swiss banking laws become complicity.
Sergei Pugachev is known as Putin's banker.
Switzerland's data also show that the top 100 ultra wealthy Chinese families have about $1200 billion held in Swiss banks as of the end of 2019. Switzerland's action sends a chilling signal to the ultra wealthy Chinese.
Chinese spokesman Wang Wen Bin said that Russia and China are strategic partners, but not alliance partners. He called on Russia and Ukraine to remain cool headed. Wang Wen Bin's statement hinted on keeping distance from Russia. Days earlier, Chinese official stance was clearly on Russian side. Ukraine helped China advance 2 decades by selling to China many key military equipment and technology, including China's first aircraft carrier, tank diesel engines, etc.
Russian invasion forces continue advancing toward Kyiv in a 40-mile long armored convoy of tanks, artilery units and military trucks.
The Federal Council announced it had banned five oligarchs close to Vladimir Putin from entering the country. Flights from Russia are being banned, although this will not apply to flights carrying diplomats.
Morocco also announced to join the EU sanctions against Russia. There are 750 ultra rich Russians who have bank accounts in Morocco including Russian king of fertilizers and numerous owners of basketball teams.
Switzerland had until now adopted very limited measures, including barring Swiss companies from taking on new business with three Russian oligarchs named by the EU as sanctions targets last week. Switzerland is obliged by law to adopt UN sanctions but has a choice over how it responds to EU measures. Its refusal to do more last week was heavily criticized by the EU for letting neutrality and Swiss banking laws become complicity.
Sergei Pugachev is known as Putin's banker.
Switzerland's data also show that the top 100 ultra wealthy Chinese families have about $1200 billion held in Swiss banks as of the end of 2019. Switzerland's action sends a chilling signal to the ultra wealthy Chinese.
Chinese spokesman Wang Wen Bin said that Russia and China are strategic partners, but not alliance partners. He called on Russia and Ukraine to remain cool headed. Wang Wen Bin's statement hinted on keeping distance from Russia. Days earlier, Chinese official stance was clearly on Russian side. Ukraine helped China advance 2 decades by selling to China many key military equipment and technology, including China's first aircraft carrier, tank diesel engines, etc.
Russian invasion forces continue advancing toward Kyiv in a 40-mile long armored convoy of tanks, artilery units and military trucks.
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