Moving on from its old standing for bank secrecy, the Alpine state has said it will not be used by bad actors to circumvent European Union and other bodies' sanctions against Russia. The comments came as Russian armed forces invaded Ukraine.

Lawmakers in Switzerland, the world’s single-largest cross-border financial centre, have said that the country mustn’t allow Russians to use it to bypass European Union sanctions against Vladimir Putin’s regime, which launched a military invasion of Ukraine yesterday.

Earlier this week, the EU identified a range of individuals for sanctioning, such as Russia’s defence minister, Sergei Shoigu, the commanders-in-chief of the Russian air force and Black Sea fleet, state “propagandists” and 351 Duma deputies. Separately, the UK government announced a package of measures yesterday. The EU’s actions impose asset freezes and travel bans on 23 people, and three banks.

Switzerland moved swiftly to cut off notions that it will be a conduit for Russian money. The country’s bank secrecy laws are already defunct internationally. The Alpine state did not adopt EU sanctions versus Russia after Putin annexed Crimea in 2014.

“In the wake of Russia's recognition of the non-government-controlled areas as independent states, several Western states have imposed additional sanctions. The Federal Council wishes to ensure that Switzerland will not be used as a platform to circumnavigate sanctions imposed by the EU. It will therefore examine the sanctions and then come to a decision. The Swiss authorities are in constant contact with several countries to exchange intelligence on the current situation,” according to a statement from the State Secretariat for Economic Affairs in Berne.

The Federal Council said it “condemns Russia's recognition of two regions as independent states as a violation of international law and a breach of Ukraine's territorial integrity and sovereignty.”

“Switzerland does not recognise the independence of these territories, which remain part of Ukrainian territory. Russia's recognition of the independence of these territories is a direct violation of the Minsk agreements to which it is a signatory. The agreements were negotiated in 2014 between Ukraine, Russia, France and Germany and serve as a basis for the de-escalation and resolution of the conflict in eastern Ukraine. As a member of the Trilateral Contact Group, Russia has an obligation to support the implementation of the agreements,” the statement continued.

“Switzerland may adopt compulsory measures to enforce sanctions adopted by the United Nations, the OSCE or Switzerland's main trading partners in order to ensure compliance with international law, in particular respect for human rights,” it said.