Sat. Aug 13th, 2022

The Federal Council has instructed the EAER to make a corresponding amendment to the Ordinance on measures in connection with the situation in Ukraine.

Bern, 03.08.2022 – In view of Russia’s ongoing military aggression in Ukraine, the Federal Council imposed further sanctions against Russia on 3 August in line with the EU’s latest sanctions on gold and gold products. The measures come into force at 6pm on 3 August.

On 21 July, the EU adopted new measures (the ‘maintenance and alignment’ package) in response to Russia’s continuing military aggression in Ukraine. With the decision of 3 August, Switzerland is implementing the most urgent measures in terms of time and substance. The new measures primarily concern a ban on buying, importing or transporting gold and gold products from Russia. Services in connection with these goods are also prohibited.

Switzerland is committed to tackling the global food and energy crisis. The Federal Council notes that none of the measures against Russia are directed against the trade in agricultural or food products between third countries and Russia. To avoid disruption to payment channels, the Federal Council has made two new exceptions with respect to transactions related to agricultural products and oil supplies to third countries, as has the EU.

The largest Russian bank, Sberbank, has now also had its assets frozen and is banned from providing funds, economic resources or technical services. New derogations are being introduced to ensure the orderly wind-down of transactions and the sale of Sberbank subsidiaries. On 29 July, the Federal Department of Economic Affairs, Education and Research (EAER) added a further 54 persons and 9 organisations and entities to the sanctions list. Switzerland’s list of sanctioned persons and entities in connection with the situation in Ukraine is thus fully in line with that of the EU.

As part of the maintenance and alignment package, the EU also made various technical and linguistic adjustments to existing measures. The Federal Council has instructed the EAER to make a corresponding amendment to the Ordinance on measures in connection with the situation in Ukraine. These technical adjustments will come into force at a later date.