Switzerland feared retaliatory measures from China but kept the decision quiet for undefined legal reasons, reports the NZZ am Sonntag newspaper. China’s ambassador to Bern, Wang Shihting, warned Switzerland last November not to impose sanctions. “Anyone who really cares about the friendly relations between the two countries and who makes responsible polities will not agree to the sanctions,” he said.
Admittedly, they have joined the EU in sanctioning Russia, freezing $8 billion of the $213 billion in Russian funds likely stashed in Swiss accounts, a whopping 4%.
https://www.reuters.com/world/europe/swiss-have-frozen-8-billion-assets-under-russia-sanctions-2022-04-07/
https://www.reuters.com/world/europe/russians-have-up-213-billion-stashed-offshore-swiss-banks-2022-03-17/
Not to mention Switzerland is still blocking weapon and ammo deliveries to Ukraine.
Regarding your last point, this is due to swiss neutrality: they don't export to countries in war. That's nothing new and is a fundamental principle of swiss neutrality.
neutrality, noun
facilitating the strongest party