Swiss follow latest round of EU sanctions on Russia

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Switzerland’s government has lined up with the European Union’s (EU) 11th round of sanctions against Russia over its war in Ukraine.

The cabinet decided on Wednesday that the new measures adopted by the European bloc on June 23 would take effect later in the day in the Alpine country.

Switzerland, which is not a member of the 27-country bloc, is a key EU trading partner and has followed every set of its sanctions against Russian companies and individuals since Russian President Vladimir Putin launched an invasion of Ukraine in February last year.

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The 11th round of sanctions aims to close loopholes so that goods vital to Putin’s war effort don’t get through to Russia by way of countries that trade with the EU and have maintained a business-as-usual relationship with Moscow.

The multiple rounds of sanctions have affected banks, companies and markets, and even parts of the sensitive energy sector. More than 1,000 officials are subject to asset freezes and travel bans.

Switzerland on June 28 implemented sanctions on more than 100 other companies and people after the EU’s move days earlier and will adopt the rest of the 11th-round sanctions “that are relevant to Switzerland” on Wednesday, the government said.

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The Swiss measure will ban exports of some “dual-use goods” – i.e. with possible civilian and military uses – to another 87 companies, and some types of electronic components and precursors to chemical weapons will also be affected, the government said.

“In the financial sector, the existing ban on selling securities denominated in Swiss francs or in an official currency of an EU member state to Russian nationals and entities was expanded,” it said. “The sale of securities to Russian citizens and entities is now prohibited, regardless of the currency.”