Switzerland has adopted further sanctions against Russia in line with the European Union’s latest package of sanctions, the Swiss Federal Council announced on Friday.
The Federal Council decision of 25 March means that Switzerland remains in line with the measures imposed by the EU on 9 and 15 March in response to Russia’s ongoing invasion of Ukraine. On 16 March, Switzerland had already adopted the extended list of persons and entities subject to financial sanctions imposed by the EU, ”according to a statement from the council.
Switzerland has imposed bans related to the energy and financial sectors, plus dealing with luxury, iron and steel goods, the statement said.
The export of goods and related services for the Russian energy sector is now prohibited. Also prohibited is the participation in businesses active in the energy sector and the provision of loans or other financial resources to such businesses, ”the statement read.
“A ban is introduced on the import of iron and steel goods from Russia, or originating in Russia, as well as a ban on the export of luxury goods and maritime navigation goods to Russia. In the financial sector, transactions with certain state-owned companies and the provision of credit rating services are prohibited, “it also said.
However, the Federal Council noted that it had decided to allow “certain exceptions from the financial sanctions for humanitarian purposes,” saying it would “ease” business relationships “necessary for the work of humanitarian organizations.”
The council also said it had taken the decision not to implement the EU measure of suspending the broadcasting of contents from some Russian media outlets, “namely Sputnik and Russia Today.”
“Despite the fact that these outlets are used to spread targeted propaganda and disinformation by the Russian Federation, the Federal Council is of the opinion that it is more effective to counter untrue and harmful statements with facts instead of preventing them from being broadcast,” the council said.
Switzerland first broke with its tradition of neutrality in early March.