Switzerland Ultimately Joins 11th Package of EU Sanctions against Russia

Wednesday, 16 August 2023

The Swiss Federal Council on August 16 decided to impose sanctions on Russia under the latest, 11th package of restrictions adopted by the European Union.

Back in June, Switzerland partially enacted the EU sanctions package by blacklisting over a hundred Russian individuals and legal entities. Other measures will come into effect on Wednesday evening, August 16.

According to a statement by the Swiss Federal Council, this includes a ban on exporting dual-use goods and goods that contribute to Russia's military and technical build-up to 87 more companies, including third-country companies that have supplied such goods to Russia.

Furthermore, the list of goods subject to the ban on exports to and transit through Russia will be expanded, and the sale of intellectual property rights and trade secrets related to the sanctioned goods to Russia will be prohibited.

Switzerland extends the ban on selling securities denominated in Swiss francs or the official currency of EU member states to Russian citizens and legal entities in the financial sector.

Switzerland has previously consistently joined all the restrictions imposed by the European Union against Russia in response to Russia’s full-scale invasion of Ukraine.

On June 23, the Council of the European Union finally approved the 11th package of economic and personal sanctions against Russia, the primary purpose of which is to strengthen the previously imposed restrictions and combat sanctions circumvention.

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