Switzerland is not an EU or EEA member but is part of the single market.

GENEVA — The Swiss president says Russia’s attack on Ukraine is “unacceptable” and Switzerland will adopt European Union sanctions, including asset freezes, targeting Russians – all but depriving well-heeled Russians of access to one of their favorite havens to park their money.

Ignazio Cassis told a news conference Monday that Russia’s invasion was intolerable on moral and political grounds. Switzerland’s government has been trying to balance its condemnation of Russia’s actions with its history of neutrality and as an intermediary between opposing countries.

Referring to the Swiss executive body, he added: “The Federal Council has decided to take up fully the sanctions of the European Union, including the asset freezes.”

Switzerland is not a European Union member but is all but surrounded by four EU countries: Austria, France, Germany and Italy.