Switzerland adopts twelfth EU sanctions package against Russia
Published: Wednesday, Jan 31st 2024, 17:10
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Switzerland is adopting the EU's twelfth package of sanctions against Russia. The Federal Council announced on Wednesday that the new measures, which will apply from February 1, include a gradual ban on the purchase and import of Russian diamonds.
The latest package of sanctions against Russia adopted by the European Union on December 18 last year includes a ban on the import of diamonds. The purchase and import of pig iron or liquefied propane gas (LPG) from Russia is now also prohibited, as the Federal Council also announced. According to the EU Commission, the ban on imports of LPG affects imports of more than one billion euros per year.
The lists of prohibited goods that could contribute to Russia's military, industrial and technological strengthening have also been expanded. The export and sale of chemicals, lithium batteries, certain engines for drones and certain machines to Russia are now prohibited. The list of companies subject to specific restrictions on goods with civilian and military applications has also been expanded.
In the financial sector, Russian nationals will be prohibited from controlling companies in Switzerland that provide services in connection with crypto assets. According to the Federal Council, further measures will be introduced to support the enforcement of the price cap on Russian crude oil and petroleum products.
Reporting obligation under review
According to the press release, the Federal Council has meanwhile decided against introducing a reporting obligation for money transfers from Russia by natural and legal persons who have a company based in Switzerland for the time being. However, such a reporting obligation, as has been introduced in the EU, is being examined, it said.
Most recently, in December, Switzerland added 147 further individuals, companies and organizations from Russia and Belarus to its sanctions list. The adoption of the sanctions is a reaction to "Russia's ongoing destabilizing actions that undermine the territorial integrity, sovereignty and security of Ukraine". Ukraine has been fending off a large-scale Russian invasion since February 24, 2022.
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