Switzerland tightens Russia sanctions in finance and oil sectors

This is the 18th package of sanctions, which the EU had already adopted in mid-July. Keystone-SDA/Ukrainian 24Th Mechanized Brigade

Three and a half months after the European Union, Switzerland is also implementing new sanctions against Russia. The package includes further export restrictions on goods to strengthen industry as well as goods to strengthen Russia's military and technological capabilities.

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This is the 18th package of sanctions, which the EU had already adopted in mid-July. The responsible economic department implemented part of it shortly afterwards – including asset freezes for 14 people and 41 companies and organisations, stricter export control measures and the lowering of the price cap for Russian crude oil.

The Swiss government has now decided on further measures in the areas of goods, finance and energy. These will come into force on Friday, as the government announced on Wednesday evening. Among other things, a complete transaction ban will now apply to 45 Russian banks.

However, the government is currently refraining from subjecting two Chinese regional banks, which are subject to a transaction ban in the EU, to the same measure, it writes. There are no indications of activities by Swiss financial institutions with these two regional banks. Switzerland also does not want to assume reporting obligations for certain money transfers.

There is now an import ban on petroleum products refined from Russian crude oil from third countries. According to the government, this is intended to prevent Russian crude oil from entering Switzerland indirectly.

At the same time, the Swiss government wants to combat circumvention of the sanctions via third countries even more effectively. Specifically, the State Secretariat for Economic Affairs (Seco) can now inform exporters about possible circumvention transactions, which means that planned exports are automatically subject to authorisation.

Meanwhile, the EU is one step ahead. Last week, it brought the 19th sanctions package into force. Among other things, this provides for a further reduction in Russia’s income from the sale of gas and oil. The Swiss government will decide on this “in due course”, the responsible authority announced last week.

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Translated from German by DeepL/jdp

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