Switzerland has declined to join the EU’s sanctions against Russia, and not being in the EU means it is under no obligation, even if it is linked by a host of trade and other agreements.

But now Russian banks will have to get approval to issue long-term financial instruments in Switzerland.

Five Russian banks and 11 named individuals or organisations will be monitored in this way to prevent sanctions-busting accounts or deals being set up using Switzerland.

The government says it will continue to follow the situation and may stiffen rules to support sanctions and prevent their by-pass.