Swiss Pledge No New Business For Sanctioned Russians (Correct)

Switzerland said it won’t allow the European Union’s sanctions against Russia to be circumvented locally by prohibiting targeted Russian individuals or companies from opening new accounts with Swiss banks.

“Financial intermediaries in Switzerland are now prohibited from entering into new business relationships” with the latest list of 363 people and four companies announced by the EU, the government said in a statement on Friday. “At the same time, financial intermediaries are obliged to immediately report existing business relationships with these individuals, companies and organizations,” the government said.

Guy Parmelin

Photographer: Thierry Monasse/Getty Images/Bloomberg

Top Swiss ministers on Friday sought to reiterate that the ...