Switzerland to implement most measures of EU's 12th sanctions package against Russia

At a meeting on 31 January, the Swiss Federal Council approved almost all of the restrictive measures in the twelfth EU sanctions package against Russia, which came into effect in December 2023.

Source: European Pravda

Details: Switzerland has joined the ban on importing Russian diamonds, cast iron and liquefied petroleum gas (LPG), and has banned exports of a number of dual-use goods to Russia, including chemicals, lithium batteries, drone engines, and machine tools and parts.

In addition, Russian individuals will be barred from controlling cryptocurrency trading companies in Switzerland, and control over compliance with the Russian oil price cap will be tightened up.

Switzerland has also joined the ban on providing Russian companies with software for business management, industrial design and production.

However, the Swiss Federal Council has decided not to participate for now in the requirement to report funds transfers outside the EU from EU-based companies controlled by Russians or individuals or legal entities from Russia. Instead, it intends to look into the process of such reporting in greater detail.

The new measures will come into effect on 1 February, the Federal Council said. The country joined the EU's 12th package of sanctions, which includes an expansion of the list of sanctioned Russian individuals, last month. 

The EU's 12th package of sanctions, adopted on 18 December, calls for a number of additional measures, including a gradual ban on the import of diamonds from or originating in Russia.

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