Switzerland will adopt fourth EU sanctions package against Russia
Keystone / Sergei Ilnitsky
The Swiss government has announced it will implement the European Union’s latest round of sanctions that includes a ban on the export of luxury goods to Russia.
This content was published on
1 minute
Keystone-SDA/ac
Español
es
Suiza adoptará el cuarto paquete de sanciones de la UE contra Rusia
Switzerland will impose restrictions on transactions with certain state-owned companies and a ban on providing rating services for Russian customers or organisations.
A ban on export of luxury goods will also be a part of the measures and is meant to target the Russian elite. According to the Federation of the Swiss Watch Industry, Russia is the 17th largest market by value for Swiss watch exports bringing in CHF260 million ($278 million) in revenue in 2021.
The government downplayed the impact of this on the Swiss luxury sector but admitted that some businesses will be hit harder than others.
“The contained ban on the export of luxury goods affects only a small proportion of Switzerland’s worldwide exports of this group of goods. However, individual companies can be severely affected,” said an official press releaseExternal link on Friday.
An additional 197 individuals and nine organisations will be added to the list of applicable sanctions. No date was given for the implementation of the Swiss sanctions.
“The corresponding measures will come into force in the next few days after the publication of the amended ‘Regulation on Measures in Connection with the Situation in Ukraine’,” said the official statement.
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
Ex-sect member sentenced in Zurich for sexual abuse
This content was published on
Zurich District Court has sentenced a former member of the globally active sect "Children of God" to a partial prison sentence.
SNB chairman does not rule out slowdown in Swiss growth
This content was published on
Martin Schlegel, chairman of the Swiss National Bank (SNB), does not rule out a weakening of the Swiss economy in light of the tariff dispute.
Swiss NGOs abroad to receive 10% less federal funding
This content was published on
In 2025 and 2026, Swiss NGOs will have 10% less federal funding available for international cooperation than in the previous two-year period.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.