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Thursday, May 26, 2022

Economy welcomes swift implementation of additional sanctions against Russia

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At its meeting today, the Federal Council decided on the complete revision of the ordinance on measures in connection with the situation in Ukraine. The EU sanctions of February 23 and 25, 2022 have been fully implemented in Switzerland and will come into force on March 4, 2022 at 6 pm economicsuisse supports these additional sanctions.

Other goods and economic sanctions

The revised regulation includes several new products and financial penalties. This includes, among other things, a ban on exporting all dual-use items to Russia. In addition, exports of certain goods and services from the oil sector and certain goods and technologies that can be used in the aerospace industry are no longer allowed. Certain services related to goods in the aerospace industry are also prohibited.

In the financial sector, the instruments implemented today concern the prohibition of providing public funds or financial assistance for trade or investment in Russia, the prohibition of transactions with the Central Bank of Russia, and the exclusion of certain Russian banks from the network. international communications SWIFT. . The Federal Council has also decided to take over the entry bans for people listed by the EU on February 28, 2022 and thus freeze the assets of certain people.

The direct effects of these measures on the entire Swiss export economy are considered minor. In 2021, Russia was Switzerland’s 23rd largest trading partner with a total trade volume of 4.7 billion Swiss francs. More information on the measures taken in relation to the situation in Ukraine can be found on the website of the State Secretariat for Economic Affairs (SECO). If you have any questions, Swiss companies can contact SECO via the following email address [email protected]


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