Switzerland expands sanctions against Russia, Belarus, Moldova

The Swiss Federal Department of Economic Affairs, Education and Research (EAER) announced on August 12 that Switzerland has extended its sanctions against Russia, Belarus, and Moldova, aligning closely with the European Union’s latest measures.

The expanded sanctions take effect at 11 p.m. local time on August 12, with one key adjustment—the lowered price cap on Russian crude oil—to be implemented from September 3, Caliber.Az reports, citing the Swiss government. 

The EAER, responsible for overseeing Switzerland’s sanctions policy, confirmed it has incorporated amendments from the EU’s 18th package of sanctions adopted on July 18, as part of Switzerland’s ongoing response to Russia’s war in Ukraine.

According to the Federal Council, an additional 14 individuals and 41 entities are now subject to asset freezes and bans on providing economic resources. These include Russian and international companies involved in managing “shadow fleet” vessels that evade sanctions, traders of Russian crude oil, and suppliers to Russia’s military-industrial complex, including those based in third countries. The individuals sanctioned face entry and transit bans in Switzerland.

Moreover, 105 vessels, mainly tankers from third countries linked to Russia’s shadow fleet, are now comprehensively banned from purchase, sale, and service provision. The Federal Council emphasised the strategic importance of these measures in targeting entities circumventing the price cap on Russian oil and those transporting military goods.

The EAER also announced tighter export controls on 26 new entities, some outside Switzerland, focused especially on preventing the circumvention of restrictions related to unmanned aerial vehicles (UAVs).

In a further development, Switzerland has extended sanctions aligned with recent EU actions concerning Belarus and Moldova. Seven individuals and three entities connected to Russian-led interference in Moldova’s upcoming EU membership referendum and the 2024 presidential election are now subject to asset freezes and travel bans. Additionally, eight Belarusian arms industry companies face asset freezes and restrictions on economic activities.

The Federal Council stated it is currently reviewing the full scope of the EU’s 18th sanctions package, which includes measures across trade, finance, and energy sectors, before deciding on further adoption.

This latest round of sanctions underscores Switzerland’s commitment to harmonizing its foreign policy measures with international partners amid the ongoing conflict in Ukraine.

By Sabina Mammadli