Famously, the ability of Message Passing Neural Networks (MPNN) to distinguish between graphs is limited to graphs separable by the Weisfeiler-Lemann (WL) graph isomorphism test, and the strongest MPNNs, in terms of separation power, are WL-equivalent. However, it was demonstrated that the quality of separation provided by standard WL-equivalent MPNN can be very low, resulting in WL-separable graphs being mapped to very similar, hardly distinguishable outputs. This phenomenon can be explained by the recent observation that standard MPNNs are not lower-Lipschitz. This paper addresses this issue by introducing FSW-GNN, the first MPNN that is fully bi-Lipschitz with respect to standard WL-equivalent graph metrics. Empirically, we show that our MPNN is competitive with standard MPNNs for several graph learning tasks and is far more accurate in long-range tasks, due to its ability to avoid oversmoothing and oversquashing. Our code is available at https://github.com/yonatansverdlov/Over-squashing.