Russia's invasion of Ukraine resulted in Switzerland breaking its neutral status.
The European Union's sanctions against Russia were adopted by the federal council of Switzerland.
The package of sanctions includes freezing the personal assets of the Russian President, Prime Minister, and Foreign Minister.
All flights from Russia and all movements of aircraft with Russian markings will be closed by the federal council.
Switzerland reiterates its solidarity with Ukraine and its people, according to the statement.
The US, UK, and EU imposed sanctions on Russian companies and individuals after Putin ordered troops into Ukraine. Putin put Russia's nuclear deterrent forces on high alert on Sunday, saying they were in response to Western sanctions.