Adopts further sanctions against the Russian Federation to implement the European Union's seventh sanction package
03 Aug 2022
On 3 August 2022, the Swiss Federal Council revised the Ordinance on Measures connected with the situation in Ukraine to partially implement the European Union’s seventh sanction package against the Russian Federation. The most important amendments can be summarized as follows:
- A ban on gold and gold products if they originate in or export from the Russian Federation. The ban includes the provision of any services or financing, or import, transit or transportation of such gold and gold products into or through Switzerland;
- Release of certain frozen assets that are necessary for the purchase, import or transport of agricultural and food products, including wheat and fertilizers, and for the direct or indirect purchase, import or transport of oil, including refined oil products, from or through the Russian Federation;
- Sberbank was added to the sanction’s list. Its assets are frozen, and it is banned from providing funds, economic resources, or technical services.
The Ordinance came into force on 3 August 2022.
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Type:
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Entry and establishment (Other)
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Treatment and operation (Investment related trade measures)
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Industry:
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Primary (Agriculture, forestry and fishing, Mining and quarrying)
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Services (Transportation and storage, Financial and insurance activities)
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Sources:
