In accordance with the European Union’s latest sanctions package, Switzerland has decided on further sanctions against Russia, as the Federal Council announced on Friday.
“With the Federal Council decision of March 25, Switzerland is sticking to the measures that the EU imposed on March 9 and 15 in response to the ongoing Russian invasion of Ukraine. As early as March 16, Switzerland adopted the extended list of financial sanctions imposed by the EU on individuals and organizations,” said a statement from the Council.
Switzerland has imposed bans in the energy and financial sectors, as well as trade in luxury goods and iron and steel goods, the statement said.
“The export of goods and related services for the Russian energy sector is now prohibited. Also prohibited is investing in companies engaged in the energy sector and providing loans or other financial resources to such companies,” the statement said.
“An import ban on iron and steel goods from Russia or originating in Russia and an export ban on luxury goods and maritime goods to Russia will be introduced. In the financial sector, transactions with certain state-owned enterprises and the provision of credit assessment services are prohibited.
However, the Federal Council noted that it had decided to allow “certain exemptions from financial sanctions for humanitarian purposes” and said this would “facilitate” business relationships “necessary for the work of humanitarian organizations”.
The council also said it had taken the decision not to implement the EU measure to suspend the broadcasting of content by some Russian media outlets, “namely Sputnik and Russia Today”.
“Despite the fact that these channels are used for the dissemination of targeted propaganda and disinformation by the Russian Federation, the Bundesrat believes that countering untrue and harmful statements with facts is more effective than preventing their dissemination,” the Bundesrat said said the council.
At the beginning of March, Switzerland broke with its tradition of neutrality for the first time.