Switzerland joins seventh EU sanctions package against Russia

EUROPEAN PRAVDA – WEDNESDAY, 3 AUGUST 2022, 16:39

On Wednesday the federal government of Switzerland announced that it is joining the seventh and most recent EU sanctions package adopted in connection with the full-scale Russian invasion of Ukraine.

This was reported by European Pravda.

 "In view of Russia’s ongoing military aggression in Ukraine, the Federal Council imposed further sanctions against Russia on 3 August in line with the EU’s latest sanctions on gold and gold products. The measures come into force at 6 pm on 3 August," the Federal Council statement reads.

According to the new sanctions, Sberbank, the largest Russian bank, will have its assets frozen and be banned from providing funds, economic resources or technical services. 54 more individuals and 9 legal entities have been added to Switzerland’s sanctions list.

 "Switzerland’s list of sanctioned persons and entities in connection with the situation in Ukraine is thus fully in line with that of the EU," the statement says.

The Federal Council of Switzerland stresses that none of the sanctions against Russia is directed against the trade of agricultural or food products between third countries and Russia. For this purpose, two exceptions have been made with respect to transactions related to agricultural produce and oil supplies to third countries.

Background: On 21 July, the EU countries approved a new package of restrictive measures against Russia.

The sanctions include a ban on the purchase, import, or direct or indirect transfer of gold from Russia, even via third party countries. The ban also applies to jewellery, even though at first it was believed that the restrictions would be partial.

The list of dual-use goods is to be extended. Such goods could be used for the military-industrial complex and thus are subject to export restrictions. Furthermore, the new measures extend the existing port access ban to locks to avoid the circumvention of sanctions.

There is an expansion of the prohibition on accepting deposits to include those from individuals and legal entities from third countries that are majority-owned by Russian citizens or residents. The acceptance of deposits for non-prohibited cross-border trade will require prior authorisation by the national competent authorities.

In addition, some clarifications have been added concerning the previously adopted sanctions, and 57 more persons and organisations from Russia have been added to the sanctions list.

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