Switzerland listed as ‘unfriendly’ country by Russia

In addition to Western sanctions, many big companies have temporarily shuttered operations or exited Russia over its invasion of Ukraine. Keystone / Yuri Kochetkov

Russia has drawn up a list of around 50 countries, including Switzerland, that have committed “unfriendly actions” against Russia, its companies and citizens, in the wake of severe economic sanctions over the war in Ukraine, the Russian state media agency TASS reports.

Moscow published the list on Monday after being hit by Western financial sanctions. 

All corporate deals with companies and individuals from the so-called “unfriendly countries” now have to be approved by a government commission, according to Reuters.

The list follows a presidential decree on March 5 allowing the Russian government, companies and citizens to temporarily pay foreign currency debts owed to overseas creditors from “unfriendly countries” in roubles. This temporary arrangement for paying foreign debts reportedly applies to payments exceeding 10 million roubles per month ($78,000 or CHF72,000), Tass saidExternal link.

A Russian government list of countries included the United States, Canada, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine, the Russian agency said.

The Swiss government has adopted a series of sanctions against Russia in step with measures imposed by the EU. Numerous Swiss companies have also suspended their activities in Russia.

The Institute for International Finance (IIF) last week predicted a 15% contraction in Russia’s GDP in 2022 due to the sanctions.