Switzerland: EU’s 12th Sanctions Package Implemented

Switzerland has taken steps to implement the EU’s 12th package of sanctions against Moscow in response to the ongoing Russo-Ukrainian War. The Federal Council of Switzerland, at its meeting on January 31, approved additional measures, aligning with the EU’s sanctions package adopted in December 2023. These new Swiss measures became effective on February 1, further reinforcing the actions taken on December 21, when Switzerland added 147 individuals and entities to its sanctions list.

Since the start of the Russian invasion of Ukraine, Switzerland has imposed sanctions on a total of 1,422 individuals and 291 organizations and entities. On January 31, the Federal Council endorsed the remaining measures from the EU’s 12th sanctions package, enhancing its impact.

Among the newly adopted measures is a phased ban on the purchase and import of Russian diamonds, aligning with the G7 summit’s decisions in December 2023 to cut off a significant revenue stream for Russia. Switzerland will collaborate with relevant sectors to ensure coordinated international implementation of these restrictions. Import bans are also introduced on specific goods, contributing substantial revenues to the rogue state, such as pig iron and liquified petroleum gas (LPG). Prohibitions on the export and sale of chemicals, lithium batteries, specific motors for unmanned aerial vehicles, machine tools, and machinery parts, aimed at bolstering Russia’s military and technology capabilities, are expanded.

Furthermore, Russian nationals and residents are barred from controlling Swiss companies providing crypto-asset services. Additional measures have been implemented to support the enforcement of the oil price cap for Russian crude oil and petroleum products, including mandatory exchange of itemized price information among market participants. New reporting and authorization requirements will imply monitoring the sale of tankers, which may be used to circumvent the oil price cap.

Moreover, the ban is imposed on providing software for enterprise management and industrial design to Russian companies. Exceptions are made for services provided to Russian subsidiaries of Swiss companies. These comprehensive measures aim to contribute to the international efforts to address the situation.

Nevertheless, the Governments of Western countries, including the Swiss Government, should continue imposing sanctions on the Russian Federation and companies and individuals all over the world, assisting Moscow in exporting its commodities. The Governments of all the EU states should do their best to undermine the military capabilities of the rogue state and force Russian leaders to withdraw troops from Ukraine.

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