The Swiss government named 54 persons and 30 companies and organizations whose assets will be frozen as of December 24—and also banned 52 ships from providing services.

"These are mainly tankers that are part of Russia's shadow fleet and are circumventing the price cap on Russian crude oil and petroleum products or transporting military goods for Russia or stolen grain from Ukraine," the Swiss statement said.

The sanctioned individuals will be barred from entering Switzerland, which has close ties to the EU despite not being a member of the bloc.

In line with EU policy, Switzerland also adopted financial and travel sanctions against 26 individuals and two organizations from Belarus.

On Friday, the central European state signed a new agreement with the EU, which will lead to the biggest overhaul of their trade ties in years. The deal reflects concerns about returning U.S. President Donald Trump’s warnings of imposing higher tariffs on European imports.

The Swiss authorities have officially maintained a stance of neutrality since 1815, avoiding alliances like NATO or the EU while focusing on diplomacy and stability in Europe.