Switzerland announces further sanctions against Russia

The Swiss Federal Council decided to impose further sanctions against Russia on March 25th 2022. This move implements the Federal Council’s decision from March 18th to adopt the latest EU sanctions package. In other words, this move means that all measures detailed in the fourth EU sanctions package have been implemented in Switzerland.

Under these new measures, regarding the oil industry, bans were introduced on the supply, sale, delivery, export, transport and transit of several oil industry goods and an investment prohibition in the energy sector was enforced. In addition, several new export related bans were introduced. The exportation of maritime navigation technologies and goods was banned as well as that of luxury goods. An importation ban on iron and steel products came into force as well. Moreover, a prohibition was introduced on dealings with particular Russian state-owned entities (whether directly or not) and a credit rating ban came into force on this day.

Furthermore, a number of asset freeze exceptions were implemented as a result of the recent Ordinance on measures in relation to the situation in Ukraine revision. More information on the new measures implemented by Switzerland on March 25th 2022 can be found here.