Switzerland has decided not to impose sanctions against two Russians and 14 foreign companies
Switzerland has decided not to add two Russian citizens to its sanctions list for the time being and not to extend enhanced export controls to 14 companies from a third country. The decision was made following an assessment of foreign policy and legal considerations.
This was reported by the Swiss Federal Council, according to Censor.NET.
At the same time, Bern stated that the measures introduced as part of the previous, 20th package of sanctions are intended to prevent the circumvention of trade restrictions.
Separately, on November 3, the Federal Department of Economic Affairs, Education, and Research of Switzerland decided to remove six individuals and one company from the sanctions list in accordance with the EU decision of September 22.
Their names and the company's name were not mentioned in the government statement.
New Sanctions Against Russia
At the same time, on November 4, the Swiss Federal Council decided to join the EU's 21st round of sanctions against Russia and Belarus.
The sanctions were extended to an additional 254 individuals, legal entities, and organizations. Their assets are subject to freezing, and individuals are prohibited from entering or transiting through Switzerland.
Stricter export controls have been imposed on 41 companies, including those located in third countries.
Switzerland has also banned transactions with 33 Russian banks, one bank from a third country, 17 financial institutions and cryptocurrency service providers, five companies from third countries, four Russian airports, and two ports.
Another 41 vessels linked to the Russian shadow fleet have been subject to bans on purchase, sale, and the provision of services.
Restrictions on Russian drones and the cryptocurrency industry
Switzerland has also expanded its ban on the export of goods that could strengthen Russia's military and technological capabilities. This primarily concerns the aerospace industry and the production of drones.
In addition, citizens of Russia and individuals residing in the Russian Federation are prohibited from acquiring stakes in Swiss companies that provide services in the cryptocurrency sector.
The government has introduced a new requirement to report the sale or transfer of ownership of liquefied natural gas (LNG) tankers to third countries in order to reduce the risk of sanctions being circumvented.
At the same time, the exemption from the ban on the transport of Russian crude oil and related services for certain shipments to Japan has been extended through March 31, 2028.
The changes to the sanctions lists took effect on November 4 at 11:00 p.m., and the sectoral restrictions took effect on November 5.
