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.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Prevention and tech could help save billions on Swiss healthcare costs, says Deloitte
This content was published on
By focusing on prevention and technology, it would be possible to reduce Switzerland's healthcare bill by CHF30 billion a year by 2040, according to Deloitte Switzerland.
Environment director warns of increasing climate-related risks in Switzerland
This content was published on
The director of the Swiss Federal Office for the Environment (FOEN) has warned of increasing climate-related risks in Switzerland in an interview with SonntagsBlick on Sunday.
Gotthard traffic queue hits 11km at start of holiday season
This content was published on
The start of the summer holidays saw a long traffic jam in front of the Gotthard tunnel on Saturday. Traffic jams between Erstfeld and Göschenen in canton Uri were up to 11 kilometres long early in the morning.
This content was published on
The water temperature of the Rhine River could rise by up to 4.2° degrees Celsius by the end of the century due to the warming planet, scientists warn.
This content was published on
The Federal Council wants to explore the possibilities of joining the European Union’s €800-billion rearmament programme without compromising Swiss neutrality.
Defence Minister Pfister stresses importance of Swiss mission in Balkans
This content was published on
During a visit to the Balkans region last week, Swiss Defence Minister Martin Pfister met Swisscoy peacekeeping troops in Kosovo.
Premiere for Swiss Air Force on French National Day
This content was published on
On July 14, the Swiss Air Force will take part in the traditional air parade in Paris to mark the French bank holidays with an F/A-18 fighter jet. This is a first for Switzerland.
Swiss launch competition for memorial to Nazi victims
This content was published on
The victims of Nazi Germany are to be commemorated on the Casinoterrasse in Bern. A competition will be held to determine what the site will look like.
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.