Russia and Switzerland
In May 2026, Switzerland expanded restrictions linked to Russia's war against Ukraine. The decision incorporated part of the European lists and new financial, trade and maritime measures, retaining explicit differences from the European Union's full package.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
The responsible federal department announced new sanctions on people, companies and organisations linked to Russia and Belarus on 22 May 2026.
Cooperation and bilateral issues
Another sixty companies became subject to stricter export controls.
Cooperation and bilateral issues
Another sixty companies became subject to stricter export controls.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | ||
| Goods: Russia to Switzerland | ||
| Goods: Switzerland to Russia | ||
| Services trade | ||
| Export share: Russia to Switzerland | ||
| Export share: Switzerland to Russia | ||
| Investment stock: Russia in Switzerland | ||
| Investment stock: Switzerland in Russia |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Russia | Switzerland |
|---|---|---|
| Nominal GDP | 2.59 trillion USDIMF est.2025 · IMF | 1.04 trillion USD2025 · WB |
| GDP per capita | 17,972.12 USDIMF est.2025 · IMF | 114,769.01 USD2025 · WB |
| GDP growth | 1 %2025 · WB | 1.3 %2025 · WB |
| Policy interest rate | 14 %2026-09-11 · CBR | |
| Inflation · annual average | 8.72 %Annual average · 2025 · WB | 0.15 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 6.33 %Year-on-year · Aug. 2026 · CBR | |
| Unemployment | 2.13 %ILO est.2025 · WB | 4.87 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -3.9 %IMF est.2025 · IMF | 0.5 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 17.2 %IMF est.2025 · IMF | 39.4 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 1.68 %2025 · WB | 6.98 %2025 · WB |
| Population | 143,997,000IMF est.2025 · IMF | 9,092,436World Bank est.2025 · WB |
| Area | 17,125,190 km²2023 · BM / FAO | 41,291 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
For Russia, GDP, population and GDP per capita are estimates from the same IMF (WEO) dataset for 2025. The per-capita figure published by the IMF is used, rather than a calculation of our own. The earlier World Bank series could not be reconciled and are not mixed with this dataset. Review: 2026-10-07. IMF data terms of use0
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDRussia: 2025 · Nominal GDP in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.Switzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personRussia: 2025 · Nominal GDP per capita in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.Switzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Russia: 2025 · World BankSwitzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)Russia: 2026-09-11 · Bank of Russia policy rate · Bank of Russia
- Inflation · annual average
- Average annual change in headline CPI (%)Russia: 2025 · Annual average change in CPI (%) · World BankSwitzerland: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedRussia: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Bank of Russia · Published: 2026-09-16 · Year-on-year CPI. The commentary's 6.9% is annualised seasonally adjusted monthly growth and is not used here.
- Unemployment
- % of the labour force; definition used by the stated institutionRussia: 2025 · World Bank · ILO est.Switzerland: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Russia: 2025 · IMF — World Economic Outlook · IMF est.Switzerland: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Russia: 2025 · IMF — World Economic Outlook · IMF est.Switzerland: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPRussia: 2025 · World BankSwitzerland: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleRussia: 2025 · Population from the WEO series; do not mix with a denominator from another source · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.Switzerland: 2025 · World Bank · WB est. · The World Bank indicates a population extrapolation; this is not a 2025 census count.
- Area
- Total area in km²; territorial coverage of the sourceRussia: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAOSwitzerland: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Russia to Switzerland
| Product or sector | Value / share |
|---|---|
Switzerland to Russia
| Product or sector | Value / share |
|---|---|
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Russia living in Switzerland | ||
| Residents from Switzerland living in Russia | ||
| Study and training: Russia in Switzerland | ||
| Study and training: Switzerland in Russia | ||
| Academic stays: Russia in Switzerland | ||
| Academic stays: Switzerland in Russia | ||
| Travel: Russia to Switzerland | ||
| Travel: Switzerland to Russia |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Russia is 2,587.9 billion USD (2025), compared with 1,043.5 for Switzerland (2025). The reference populations are 144 and 9.09 million, respectively. In the same year, the economy of Russia was 2.48 times that of Switzerland in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [2] [3] [4] [5]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
The responsible federal department announced new sanctions on people, companies and organisations linked to Russia and Belarus on 22 May 2026. A further 115 entities and individuals were made subject to asset freezes and bans on making resources available, with entry restrictions for natural persons. [1]
Cooperation and bilateral issues
Another sixty companies became subject to stricter export controls. The package included bans on 46 vessels, the removal of restrictions on eleven and measures concerning ports and financial entities. At that time, Switzerland did not include seven companies from a third state that did appear on the European lists. The general measures entered into force that night, while the transaction ban on RUBx and the digital rouble began on 26 May. The Government deferred other measures from the twentieth European package to a later phase. [1]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — CHE-RUS
Swiss Federal Department of Foreign Affairs (FDFA) · Institutional source · Accessed: 2026-10-08
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-08
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07