Switzerland has already broken with its neutrality because of the Ukraine war. Now further sanctions are likely to put immense pressure on Russia's economy - and reduce Putin's fortune in the process.
Putin's assets are said to be at least partially in Swiss accounts under the names of allies. They are therefore likely to act as Putin's ‘purse’ and manage large amounts of assets in Switzerland on behalf of the Russian President. The Swiss government is under pressure to use frozen assets from Russia to support Ukraine. This step would go against Switzerland's neutrality, which 91 percent of the population wanted to maintain in 2023. In March, the Swiss Council of States voted with a narrow majority in favor of proposals concerning the use of frozen assets of so-called “aggressor states”. Switzerland has actually banned the purchase, import or transport of gold from Russia since August 2022. If Switzerland deprives the Kremlin of this source of income in the future, pressure on Putin is likely to increase.