Switzerland Joins EU Sanctions Against Russia

The Swiss authorities have expanded sanctions against Russia by adopting a series of measures outlined in the EU's 20th sanctions package. This is stated in the government's message from the Federal Council of Switzerland.

“On August 19, the Federal Council decided to implement additional measures from the EU's 20th sanctions package against Russia,” the message noted.

The new measures will come into effect on August 20 and will pertain to the energy, trade, and financial sectors. In particular, in the energy sector, restrictions are imposed on the transportation of liquefied natural gas carriers and icebreakers, as well as on the servicing of LNG terminals in Russia. The sale of carriers to Russia is also prohibited. Contracts for the sale of carriers to third countries must include a clause prohibiting their resale to Russia.

In the trade sector, Switzerland will adopt a new system to prevent circumvention of previously established sanctions. Specifically, the export of certain goods to Kyrgyzstan will be banned.

In the financial sector, the use of platforms for exchanging and transferring Russian crypto assets has been prohibited. Switzerland has also banned several Russian digital assets, including support for the digital ruble.

It is noted that as early as May 22, Switzerland had included 115 individuals and legal entities from this package in its sanctions list. The EU's 20th sanctions package was adopted in April, with the latest, 21st package approved in July.