Switzerland expands sanctions against Russia, joining EU’s 11th sanctions package

16/08/2023

2 minute read

Plastic letters arranged to read “Sanctions” are placed in front flag colors of Switzerland and Russia, illustration taken on 28 February 2022. Credit: Reuters/Dado Ruvic

Switzerland expands sanctions against Russia, joining EU’s 11th sanctions package

On 16 August, the Swiss Federal Council decided to extend sanctions against Russia, thus completely joining the 11th package of sanctions adopted by the EU on 23 June, the portal of the Swiss government reported.

“These measures include a ban on exports of dual-use goods and goods that contribute to Russia’s military and technological enhancement to 87 additional companies, including companies from third countries that have delivered such goods to Russia,” the Swiss government said.

The ban on transit through Russia will be extended to other goods, such as aviation fuel and fuel additives, as well as goods suitable for use in the aviation or space industry.

Meet the gray cardinals of anti-Russian sanctions

“In addition, the list of goods subject to an export ban will be extended to include electronic components and precursors to chemical weapons. The sale of intellectual property rights and trade secrets to Russia is also now prohibited in connection with various goods,” Swiss Federal Council added.

In the financial sector, the current ban on selling securities denominated in Swiss francs or the official currency of the EU to Russian citizens and organizations has been extended. The sale of securities to Russian citizens and organizations is prohibited regardless of currency.

The Federal Council also approved the possibilities provided by the European Union for granting exceptions in the humanitarian sphere and for withdrawing Swiss investments from the Russian Federation.

On 28 June, the Swiss government said in a statement that Switzerland is expanding its sanctions on Russia by including individuals and organizations involved in facilitating the alleged illegal deportation of Ukrainian children to Russia, alongside Russian officials, military personnel, and members of the Wagner group.

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