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Switzerland adopts EU’s latest sanctions, targeting Russian oil

Switzerland adopts EU’s latest sanctions, targeting Russian oil

On 23 November, the Federal Council of Switzerland informed that it had adopted further sanctions against Russia. It is thus adopting in principle the latest measures adopted by the European Union (EU) as part of its eighth package of sanctions.

The package includes a legal basis for the introduction of oil price caps for Russian crude oil and petroleum products, as well as restrictions on other iron and steel products, aerospace goods and goods of economic importance to Russia.

“In addition to adopting the measures set out in the EU’s eighth package of sanctions, the Federal Council has now explicitly included in the ordinance an arms embargo against Russia, which for reasons of Swiss neutrality will also be partially extended to Ukraine. Up until now, the arms embargo has been implemented in Switzerland largely on the basis of existing war materiel and goods control legislation. In adopting the embargo on military equipment, it is now explicitly included in the ordinance in connection with the situation in Ukraine,” Swiss government stressed.

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