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Economic Sanctions Imposed on Russia by Switzerland

Economic, diplomatic, and trade were the major type of sanctions imposed on Russia by Switzerland
Consumer, Financial, Defense & Security, Technology, Banking & Payments, and Travel & Tourism were the major sectors impacted by the sanctions imposed by Switzerland
The new measures prohibit export to Russia or Ukraine specific military goods that could contribute to the military and technological strengthening of Russia

Major Sanctions Imposed on Russia by Switzerland

Switzerland, breaking its commitment to neutrality, has decided to adopt wholesale swinging EU sanctions against Russia, potentially freezing billions of dollars in assets
Announced the introduction of sanctions against additional 30 individuals and seven entities in Russia due to the ongoing Russian-Ukrainian war
The Swiss Department of Economic Affairs, Education, and Research amended Annex 8 of the Swiss Ordinance on Measures connected with the Situation in Ukraine
The Swiss Federal Council introduced additional restrictions with a view to mirroring the seventh package of sanctions imposed by the EU in July 2022
Switzerland expanded existing sanctions and implemented new measures against Russia setting in the line with the EU’s sixth package adopted on June 3, 2022. The sanction came into effect on June 29, 2022, at 6 PM
The new sanctions measures have imposed a blanket ban on the export of dual-use goods to Russia. Furthermore, the new measures prohibit export to Russia or Ukraine specific military goods that could contribute to the military and technological strengthening of Russia
Switzerland has prohibited supplies of items “suited for use in oil refining“
Switzerland has prohibited the provision of drilling, well testing, logging, and completion, supplying floating units in Russia, including in its exclusive economic zoner
The Federal Council adopted the new EU sanctions against Russia, imposing the current EU sanctions on a further 197 individuals and 9 entities
The fourth package of economic sanctions includes more extensive measures in relation to luxury goods, restrictions on transactions with certain state-owned enterprises, and a ban on providing rating services to Russian clients or entities
The Federal Council has prohibited the export of goods and related services for the Russian energy sector
A ban is introduced on the import of iron and steel goods from Russia or originating in Russia, as well as a ban on the export of luxury goods and maritime navigation goods to Russia
In the financial sector, transactions with certain state-owned companies and the provision of credit rating services are prohibited
Switzerland has adopted the latest round of EU sanctions against Russia. It approved sanctioning a further 200 individuals and entities, including two of Russian President Vladimir Putin’s daughters

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