Switzerland is not a member of the European Union (EU) or the North Atlantic Treaty Organization (NATO), but it has joined since 2022 all restrictive measures imposed by Brussels and Washington on Russia.

Garmonin noted, “Perhaps the greatest damage of the anti-Russian restrictions is the blow to the reputation of Swiss neutrality. The blatant banking discrimination against Russian clients is the worst possible publicity for the services of the Swiss financial sector.”

The ambassador stated that this shows to all potential users of Swiss banks from countries of the Global South how a Swiss institution would behave if a nation were to fall out of favor with Washington and Brussels.

The diplomat also criticized the Swiss media, which often analyzes the damage of Western sanctions to the Russian economy but avoids discussing the consequences for Switzerland itself.

Western nations and their allies have activated tens of thousands of individual and sectoral sanctions on Russia since the beginning of its special military operation in Ukraine on February 24, 2022.

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