Switzerland joins sanctions against Russia: new measures to take effect on August 27
The Federal Council of Switzerland has decided on new measures within the framework of the EU's 14th package of sanctions against Russia, which will take effect on August 27, 2024.
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Today, the Federal Council of Switzerland decided to join the additional measures within the framework of the EU's 14th package of sanctions against Russia, as reported on the Swiss government portal.
This decision is a response to Russia's aggression against Ukraine and its destabilizing actions that threaten Ukraine's sovereignty and territorial integrity.
Among the new measures, special attention is given to clarifying the ban on the import of Russian diamonds, making the sanctions more harmonized internationally.
The deadlines for obtaining permits to withdraw investments from Russia have also been extended, allowing Swiss companies to legally conclude their activities in the country.
The effective implementation of sanctions and international coordination has been identified by the Federal Council as a priority task.
The new measures are expected to take effect on August 27, 2024, providing further pressure on the Russian economy in response to its actions in Ukraine.
Previously, Switzerland already supported the EU's efforts to tighten sanctions against Russia by joining the 13th package, which included new restrictions on individuals, companies, and expanded trade bans.
Last year, Switzerland also froze Russian assets amounting to 7.7 billion francs as part of the sanctions.