Switzerland

Switzerland

Imposes further sanctions on the Russian Federation in line with the EU's tenth package

29 Mar 2023

On 29 March 2023, the Federal Council adopted further sanctions against the Russian Federation and amended the Ordinance on Measures in Connection with the Situation in Ukraine following the European Union's tenth sanctions package. New measures include the ban on exports to the Russian Federation of industrial, high-tech, and aviation goods, and the ban on imports of various petroleum products, including petroleum jelly; petroleum coke; bitumen and asphalt; bituminous mastics; carbon; and synthetic rubber. Additionally, Russian nationals or residents are no longer allowed to hold positions in governing bodies of owners or operators of critical infrastructures.

Switzerland has added around 140 individuals and entities on the Swiss asset freeze list including Alfa-Bank JSC; Rosbank PJSC; Tinkoff Bank JSC; National Wealth Fund of the Russian Federation; Russian National Reinsurance Company JSC; SUN Ship Management (D) Ltd.