Switzerland adopts new sanctions on Russia

May 26, 2022

On March 18, 2022, the government of Switzerland made a decision to adopt new measures against Russia drafted by the EU a few days earlier. This sanction pack had already been put into effect by Switzerland to a certain extent via the expanding the list of determined parties on 16 March, however, the full package is not yet imposed. As an Act of imposing strengthened measures on Russia is now being revised, these sanctions will enter the force in several days.

The sanction pack includes immense measures regarding Russian products, limits on funds transfers with a number of state-owned organizations, and a block on the provision of credit ratings to clients from Russia. Special attention to the financial sector deserves the disclosed veto on the export of luxury products.

In the recent sanction pack, the European Union has taken the MFN status from Russia under the WTO framework. The Swiss government will make a decision whether to move further in imposing sanctions based on a research carried out by the EAER Department.

It is expected that Switzerland will also join the EU sanctions that already entered the force on Russian Federation. They feature new marine navigation and radio equipment control bans, as well as limitations to transferable securities.

A detailed description of new sanctions will be provided once the updated statements have been disclosed.

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