Switzerland has removed sanctions targeting Russian businessmen Alisher Usmanov and Mikhail Fridman, following the lead of the European Union. This development was reported by the State Secretariat for Economic Affairs (SECO). The move comes after the Council of the European Union adopted a decision to extend individual restrictive measures against Russian natural and legal persons for a period of three years due to the Ukrainian conflict.

Expanded Sanctions Measures Implemented by Swiss Authorities

While lifting sanctions on Usmanov and Fridman, Swiss authorities simultaneously implemented further restrictions. The country joined the 21st package of EU sanctions against Russia and Belarus. Furthermore, Swiss authorities extended sanctions to 254 physical and legal persons and organizations. Individuals included in this list face asset freezes, and they are prohibited from entering or transiting through Switzerland.

33Russian banks
1bank from a third country
17financial institutions
5foreign companies
4Russian airports
2ports

The Swiss government also prohibited financial operations involving 33 Russian banks, one bank from a third country, 17 financial institutions, and providers of cryptocurrency services. Restrictions were placed on five foreign companies, four Russian airports, and two ports. Additionally, 41 vessels associated with the Russian shadow fleet were subjected to limitations, banning their purchase, sale, and servicing. An additional 41 company fell under enhanced export control.

Financial Asset Freezes and Export Controls

On July 1, 2026, financial assets belonging to natural and legal persons were frozen in Switzerland, amounting to 8.5 billion Swiss francs. Switzerland also expanded its export ban on goods that could strengthen Russia's military-industrial complex, including items for the aviation industry and drone production.

  • The decision to exclude Usmanov and Fridman from the sanctions list was not explained in the relevant Council of the EU regulation.

Summary Points

The Swiss government's actions reflect a complex alignment with broader international sanctions regimes.

  1. Switzerland lifted sanctions on Alisher Usmanov and Mikhail Fridman following the EU's decision
  2. The country joined the 21st package of EU sanctions against Russia and Belarus
  3. Sanctions were extended to 254 physical and legal persons and organizations
  4. Financial assets totaling 8.5 billion Swiss francs were frozen on July 1, 2026

Sanction Scope

254persons and organizations sanctioned
8.5 billionSwiss francs frozen