I. Adoption of fifth EU Sanctions Package
On 13 April, in light of Russia’s ongoing military aggression against Ukraine, the Swiss Federal Council decided to fully adopt the new sanctions introduced by the EU in its fifth sanctions package against Russia on 8 April (see blog post here). The Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance”) will now be revised accordingly. It will be published and enter into force some time after the Easter Holidays.
The new EU measures target trade, finance and transport. In the area of trade, measures include a ban on the import of coal and other goods that serve as important sources of revenue for Russia (such as wood, cement, seafood and vodka), and an export ban on kerosene and other goods that could contribute to strengthening Russia’s industrial capacity (including industrial robots and certain chemicals).
In the area of financial restrictions, the new EU measures include a ban on the participation of Russian companies in public procurement, a ban on financial support for Russian public institutions and further new financial measures, particularly aimed at trusts.
The new EU measures targeting transport namely include a ban on Russian and Belarusian road transport undertakings preventing them from transporting goods by road within the EU, and a ban on access to EU ports for Russian vessels. The Federal Council has announced that Switzerland will not be adopting these transport bans, deeming them unnecessary due to Switzerland’s geographic location.
II. Extension of the list of Designated Parties
Additionally, Switzerland decided to designate a further 200 individuals and entities on 13 April. The updated list includes individuals from the fields of politics, industry, communications/propaganda and the armed forces, as well as key oligarchs and two of President Putin’s daughters. Switzerland’s list of designated parties in Annex 8 of the Ordinance again fully mirrors that of the EU. The amendments entered into force on 13 April, at 6 PM.
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Switzerland adopts fifth comprehensive sanctions package against Russia imposed by the European Union & More Switzerland Latest News Update
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