Switzerland joins additional measures in 18th EU sanctions package against Russia

  GENEVA:  Switzerland’s government (the Federal Council) has decided to join the additional measures in the 18th package of EU sanctions ag...

 

GENEVA:  Switzerland’s government (the Federal Council) has decided to join the additional measures in the 18th package of EU sanctions against Russia and Belarus, according to a statement on the government’s website.

"The Federal Council decided that Switzerland will adopt further measures from the European Union's 18th package of sanctions against Russia, as well as the EU's additional measures against Belarus. The new measures focus on trade in goods and the financial and energy sectors and will take effect on October 30," the statement reads.

The Swiss government has decided to tighten export restrictions on goods that "might strengthen Russian industry and contribute to Russia's military and technological enhancement." The export restrictions now cover additional items including constituent chemicals for propellants and certain metals and plastics.

Moreover, the Federal Council transformed the existing ban on the provision of specialized financial messaging services with 23 Russian banks into a full transaction ban, and added 22 more banks to the list of entities subject to it. "The ban on investing in projects co-financed by the Russian Direct Investment Fund (RDIF), in place since March 4, 2022, has been extended to a complete ban on all transactions with the RDIF and its sub-funds and companies," according to the statement. However, Switzerland is not currently imposing those measures on two Chinese regional banks that fall under the EU transaction ban.

"The Federal Council also decided to ban the import of refined petroleum products obtained from Russian crude oil in third countries - with the exception of Canada, Norway, the United Kingdom and the United States," the statement said. Switzerland is also implementing a transaction ban on Nord Stream 1 and 2 gas pipelines, "effectively blocking the completion, maintenance, operation or any future use" of them, the government said.

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