Switzerland has decided not to join the international task force to track down Russian oligarchs' money.
The Swiss parliament, the National Council, rejected taking part in the new body - called the Russian Elites, Proxies and Oligarchs (REPO) Task Force - by 101 votes to 80 on Wednesday
The government is also against the plan. The initiative to join came from the ranks of the Greens.
But Switzerland's conservative parties believe the move would be incompatible with the country's traditional neutrality in foreign policy matters.
Switzerland, they argue, offers its services as a link between countries that have no diplomatic relations, such as Iran and the US. Such "good offices" could become more difficult by participating in such a task force, said Hans-Peter Portmann, a member of the Free Democrats (FDP). "We don't want to be politically involved in this body," he said.
The Swiss government turned down an invitation from the G7 countries to join the task force a year ago. Countries including the US, Canada, Germany, France, Italy, Japan and Australia work together to track down Russian oligarch money and ensure that economic sanctions are not circumvented.
Almost 8 billion Swiss francs ($8.7 billion) in Russian assets have been blocked in Switzerland since the Russian attack on Ukraine more than two years ago. Other governments suspect that significantly more Russian money is held there, because of Switzerland's long-established reputation as an international banking hub.