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Switzerland further tightens sanctions against Russia

Published on October 17, 2024

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Switzerland further tightens sanctions against Russia — Currently, 2,250 natural persons, companies and organisations are on the sanctions list in connection with the war in Ukraine. Keystone-SDA

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Switzerland has beefed up sanctions against Russia again due to the war in Ukraine. Among other things, political parties, NGOs and the media are now prohibited from accepting donations from the Russian government.

This content was published on October 17, 2024 - 09:14

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This is intended to limit Russia’s influence on democratic processes in Switzerland, the government announced on Wednesday. However, exceptions have been made “for the exercise of the right to freedom of opinion, information and the media”.

At its meeting, the government decided to adopt most of the EU’s sanction measures from June of this year. The new measures come into force on Thursday. Currently, 2,250 natural persons, companies and organisations are on the sanctions list in connection with the war in Ukraine.

Military and industrial sanctions

The latest decision would also further tighten export restrictions on goods to strengthen Russia’s industry, military and technology, according to the statement. The list of companies affected by stricter export restrictions will be expanded to include 61 entities. Around half of them are located in third countries and are linked to the Russian military.

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Furthermore, banks will be prohibited from using alternatives to Swift for payment transactions in future. Institutions that offer crypto services and facilitate transactions to support the Russian defense industry will also be banned.

Investments in liquefied natural gas projects under construction in Russia will also be prohibited. Services in connection with the reloading of Russian liquefied natural gas will also no longer be permitted.

Protection of Swiss companies

In addition, 27 ships that deliver military goods to Russia, transport plundered grain or circumvent the price caps for Russian petroleum products may not be purchased or operated. And no financial services may be provided to the operators.

The government has also created the legal basis for Swiss companies to assert claims for damages in Swiss courts if they have suffered losses in Russia as a result of lawsuits, sanctions or expropriations.

Translated from French by DeepL/jdp

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

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