Switzerland to implement EU's 10th package of sanctions against Russia

GENEVA

Switzerland has joined the 10th package of European Union sanctions against Russia over its war in Ukraine.

"At its meeting on 29 March, the Federal Council decided to enact further sanctions against Russia," the Swiss government said in a statement late Wednesday. "This aligns Switzerland with the European Union, which recently adopted a tenth package of sanctions."

Recalling that the EU adopted the 10th package against Russia on Feb. 25 -- a day after Moscow's war in Ukraine marked its first anniversary -- and that the Swiss Federal Department of Economic Affairs, Education and Research had already amended the annexes of the ordinance within its competence and approved Switzerland's sanctioning of around 120 additional individuals and entities on March 1, it said: "The Federal Council is now adopting the remaining measures of the tenth package of sanctions."

These include additional sanctions relating to products as well as a ban on Russian citizens serving on governing bodies of critical infrastructure owners or operators, changes to the reporting requirements in the financial sector, and a ban on them owning or operating critical infrastructure, it said.

There are new export bans and restrictions that specifically apply to dual-use products, items that advance military and technological capabilities or the defense and security sector, items that boost Russia's industrial capacity, and items used in the aviation and aerospace sectors, according to the new measures.

The most recent package also tightens trade regulations on products that are crucial to Russia's economy, it added.

It underlined that the latest measures also include humanitarian exemptions and introduce a new means of safeguarding Swiss economic interests in specific cases.

"In regard to the sanctions, the Federal Council has previously stated it is prepared to act within the framework of existing legislation to minimize any unintended economic consequences on Swiss companies," it said.

"Through today's decision, it has prevented sanctioned Russian banks from coming into possession of large stakes in two Swiss high-tech companies and thereby indirectly benefiting from the sanctions."