Bans new investments in the mining sector and the provision of various services to Russian entities and the Government

25 Jan 2023

On January 25, 2023, Switzerland integrated the remaining measures of the European Union's ninth package of sanctions into its Ordinance on Measures Connected with the Situation in Ukraine. The measures comprise a ban on new investments in the mining sector, which prohibits the acquisition or extension of participation in entities operating in the mining sector in the Russian Federation, granting new loans or credit, creating any new joint venture, and providing investment services related to these activities. The mining sector was defined comprehensively, encompassing the location, extraction, management, and processing of non-energy mining products, such as the extraction of stone and earth.

Previously, the Swiss Government had banned several services, including accounting, auditing, tax consulting, legal advisory, and IT consultancy services, to Russian entities and the government. The ban now also includes market research and public opinion polling services, technical testing and analysis services, and advertising services.

Moreover, Switzerland extended the export-related restrictions to more high-tech, industrial, and aviation goods.