Switzerland has expanded its sanctions list against Russia and Belarus, synchronizing its measures with the European Union’s 19th sanctions package adopted in October, according to the Swiss government’s website. The new restrictions target Russia’s financial sector, military-industrial complex, energy sector, and shadow fleet.
Sanctions were imposed on 22 individuals and 42 companies. Their assets in Switzerland have been frozen, and entry into the country, including transit, has been banned.
A separate block of restrictions concerns shipping. Switzerland has prohibited the purchase, sale, and provision of any services to 116 vessels, mainly tankers from Russia’s shadow fleet that are used to circumvent restrictions on the export of Russian crude oil and petroleum products.
In the trade sphere, an additional 45 companies, including those registered in third countries, have been placed under strict export controls. The aim of these measures is to cut off supplies of goods that are critical to Russia’s defense sector.
Financial restrictions have also been expanded. Switzerland has banned transactions with five Russian banks and four of their branches in third countries due to their use of Russian payment systems. Another eight foreign companies have been completely excluded from any financial operations. At the same time, the Swiss government has extended transition periods for companies planning to scale down or cease their activities on the Russian market.
Separate measures have also been introduced against Belarus. The assets of two Belarusian citizens and three Belarusian companies have been frozen, transactions with them have been prohibited, and entry into and transit through Switzerland have been banned. The authorities also stated that they will separately consider the possibility of introducing sectoral sanctions against Belarus. Such sanctions would impose restrictions not on individual persons or companies, but on entire sectors of the economy, including energy, defense, and finance.
The Swiss Federal Council also intends to review additional provisions of the EU’s 19th sanctions package related to the energy, financial, and trade sectors, which could lead to further tightening of restrictions against Russia and Belarus.
