Switzerland has adopted a series of amendments to its restrictive measures against Russia, aligning them with the European Union’s measures included in the latest sanctions package.
This decision was made by Switzerland’s Federal Department of Economic Affairs, Education and Research (EAER).
In response to Russia’s ongoing war against Ukraine and the EU’s adoption of the 18th sanctions package against the Russian Federation, the EAER approved additional lists of Swiss sanctions. As a result, 14 more individuals and 41 organizations are now subject to asset freezes and bans on providing economic resources. These individuals are also prohibited from entering or transiting through Switzerland.
Among the sanctioned are Russian and international companies managing shadow fleet vessels, traders of Russian crude oil, and suppliers to the Russian military-industrial complex, including those based in third countries.
Additionally, 105 vessels from third countries are now fully banned in Switzerland from purchase, sale, and receiving services.
These vessels are mostly tankers belonging to Russia’s shadow fleet, which circumvent price caps on Russian crude oil and petroleum products or transport military goods for Russia.
The EAER also lowered the price cap on Russian crude oil to USD 47.6 per barrel, aligning with EU measures and current global market prices.
Except for the change in the price cap on Russian crude oil, which takes effect on September 3, the rest of the measures will come into force at 23:00 on August 12, according to the announcement.
