Switzerland joins other measures in the 18th EU sanctions package against Russia

GENEVA, 30 October. The Swiss government (Federal Council) has decided to join the other measures in the 18th EU sanctions package against Russia and Belarus, according to a statement on the government's website.

"The Federal Council has decided that Switzerland will adopt additional measures from the European Union's 18th package of sanctions against Russia, as well as additional EU measures against Belarus. The new measures target trade in goods and the financial and energy sectors and will come into force on 30 October," the statement said.

The Swiss government has decided to tighten export restrictions on goods that "could strengthen Russian industry and contribute to Russian military and technological development". Export restrictions now apply to other items, including chemical components of fuels and some metals and plastics.

In addition, the Federal Council changed the existing ban on specialized financial reporting with 23 Russian banks to a full ban on transactions and added 22 more banks to the list of covered entities. "The ban on investing in projects co-financed by the Russian Direct Investment Fund (RDIF), effective from 4 March 2022, has been extended to a complete ban on all transactions with RDIF and its sub-funds and companies," the statement said. However, Switzerland does not currently impose these measures on the two Chinese regional banks covered by the EU transaction ban.

"The Federal Council has also decided to ban the import of refined petroleum products derived from Russian oil in third countries - with the exception of Canada, Norway, the United Kingdom and the United States," the statement said. Switzerland is also imposing a ban on transactions with the Nord Stream 1 and 2 pipelines, "effectively blocking their completion, maintenance, operation or any future use," the government said.

TASS/gnews.cz-jav