Switzerland has lifted sanctions against Russian billionaires Alisher Usmanov and Mikhail Fridman, following the decision taken by the European Union in September. At the same time, the country has expanded its restrictions against Russia by joining the new European sanctions package targeting the financial sector, international trade and the circumvention of the imposed bans.
The changes were announced by the Swiss State Secretariat for Economic Affairs (SECO) and came into force on 5 November, Deutsche Welle and The Insider report.
In addition to Usmanov and Fridman, former rector of the Crimean Federal University Andrey Falaleyev and Redbird Corporate Services Ltd. have been removed from the sanctions list. The names of three deceased representatives have also been removed, including former Russian State Duma member Yury Shvitkin and designer Aleksandr Leonov.
At the same time, Switzerland added 254 new entries to its sanctions list. The restrictions include asset freezes and a ban on providing funds and economic resources to the sanctioned individuals and organisations.
The new measures affect a significant part of Russia’s financial sector. Bern is banning transactions with 33 Russian banks, one bank from a third country, 17 financial institutions and providers of crypto-asset services, as well as five companies registered outside Russia. Four Russian airports and two ports are also subject to restrictions.
Sanctions against Russia’s so-called shadow fleet, used to transport oil and other cargo, have also been expanded. An additional 41 vessels are now subject to bans on their purchase, sale and the provision of certain services.
In the energy sector, Switzerland is introducing new notification requirements for the sale or transfer of liquefied natural gas tankers to third countries. The aim is to limit the possibility of circumventing the sanctions regime through intermediaries and companies outside Russia.
Restrictions on the export of goods and technologies that could support Russia’s military industry, including the production of unmanned aerial vehicles, are also being tightened.
However, the Swiss authorities do not automatically adopt all European measures. After assessing the foreign-policy and legal circumstances, Bern has decided for now not to sanction two Russian citizens and not to extend enhanced export controls to 14 companies from third countries.
The decision to lift the restrictions against Usmanov and Fridman follows prolonged disagreements within the European Union. On 22 September, the member states reached an agreement to extend personal sanctions against approximately 3,000 Russian individuals and legal entities for three years, while excluding the two businessmen.
According to Reuters, the decision was preceded by diplomatic negotiations in which France insisted on lifting the sanctions against Usmanov, while Luxembourg supported a similar step for Fridman. Latvia expressed opposition but ultimately abstained in order not to block the joint decision.
Mikhail Fridman is also engaged in a legal dispute with Luxembourg, in which he is seeking compensation of approximately USD 16 billion in connection with frozen assets.
The lifting of the Swiss sanctions could provide grounds for releasing assets blocked solely under those restrictions. The authorities, however, have not disclosed the value of any potentially affected property belonging to the two billionaires.
According to SECO data, as of 1 July 2026, financial assets belonging to sanctioned individuals and organisations worth a total of 8.5 billion Swiss francs had been frozen in Switzerland. The restrictions also cover real estate, cars, aircraft and works of art.
Although it is not a member of the European Union, Switzerland applies a large part of the European sanctions against Russia under its own legislation. Decisions are taken independently by the Federal Council, taking into account the country’s international commitments, legal grounds and policy of neutrality.
The latest changes show that Bern continues to follow the main line of European sanctions policy, combining individual exemptions with an expansion of financial and trade restrictions against Moscow.