Switzerland follows EU in lifting sanctions on billionaires Alisher Usmanov and Mikhail Fridman, but adds restrictions on 254 entities

Switzerland has lifted sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, joining the European Union in dropping the restrictions. The changes, effective November 5, also targeted 254 additional individuals and organizations, aligning with the European Union's 21st sanctions package against Russia and Belarus.

In addition to the individuals, Switzerland banned transactions with 33 Russian banks, one bank in a third country, 17 financial institutions, and cryptocurrency service providers. It also restricted activities involving 41 vessels linked to Russia's shadow fleet and imposed limitations on the purchase, sale, and servicing of certain assets.

Switzerland's decision to adopt the EU sanctions, while not mandatory, reflects its commitment to aligning with Western bloc policies. However, it maintains the autonomy to adjust measures independently. The country retains the right to unfreeze assets belonging to the sanctioned individuals, should the circumstances warrant it.

The move to lift sanctions was influenced by diplomatic considerations, with French authorities reportedly lobbying for the EU to remove Usmanov from the list, citing Azerbaijan's pressure. While Switzerland did not disclose the value of the Russian billionaires' assets frozen in the country, the decision signifies a shift in the nation's stance towards Russia.