Switzerland approves 20th sanctions package against Russia

By adopting the sanctions, Switzerland aligned itself with the European Union. Keystone-SDA

In response to Russia's ongoing war against Ukraine, the Swiss government has approved the 20th package of sanctions against Russia, thereby aligning itself with the European Union.

Currently, around 2,790 individuals, companies and organisations in Switzerland are subject to asset freezes in connection with Russia’s war against Ukraine.

In the energy sector, the Swiss government on Wednesday issued new service bans concerning liquefied natural gas (LNG) tankers, icebreakers and LNG terminals based in Russia. In addition, the sale of tankers to Russia is now prohibited. Similarly, agreements for the sale of tankers to third countries must now include a contractual clause prohibiting their transfer to Russia.

Switzerland is also, for the first time – just like the EU – activating the so-called anti-circumvention tool. This is designed to effectively prevent the circumvention of existing sanctions via third countries. In practical terms, the measure means that the export of certain sensitive goods to Kyrgyzstan is now prohibited.

In addition, the federal government has decided to extend the existing export ban to cover goods intended to strengthen Russia militarily and technologically, as well as goods intended to bolster Russian industry. Finally, further restrictions are being introduced on the import of economically significant goods that generate substantial revenue for Russia.

Measures in the financial sector

In the financial sector, the government has now banned the use of Russian platforms for the transfer and exchange of cryptocurrencies. The measure is intended to prevent Russia from using alternative means of payment to circumvent sanctions. In the same vein, support for the development of certain Russian cryptocurrencies, such as the digital Ruble, is prohibited.

The government has also adopted measures to protect Swiss companies, in particular to safeguard their intellectual property rights and to protect them from abusive Russian court rulings.

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Translated from German, reviewed by an English Department journalist.