The Federal Council of Switzerland on August 3 announced its accession to the latest, seventh package of European Union sanctions against Russia, introduced in connection with Russia’s full-scale invasion of Ukraine.
Source: The Swiss Federal Council
The sanctions include a ban on the purchase, import, and direct or indirect transfer of gold from the Russian Federation, including through third countries. The ban also extended to jewellery, although at first it was believed that the restrictions would be partial.
“In view of Russia’s ongoing military aggression in Ukraine, the Federal Council introduced additional sanctions against Russia on August 3 in accordance with the latest EU sanctions on gold and gold products. The measures will take effect at 6:00 p.m. on August 3.”
“The largest Russian bank, Sberbank, has now also had its assets frozen and is banned from providing funds, economic resources or technical services. New derogations are being introduced to ensure the orderly wind-down of transactions and the sale of Sberbank subsidiaries,” the Federal Council noted.
In addition, the new measures extend the already existing ban on port access to gateways to prevent circumvention of sanctions.
Restrictions on the acceptance of deposits are being expanded – they include deposits of individuals and legal entities from third countries, in which the controlling stake belongs to citizens or residents of the Russian Federation. Acceptance of deposits for non-prohibited cross-border trade will require prior approval by the relevant national authorities.
At the same time, the Swiss government noted that “none of the measures against Russia are directed against the trade in agricultural or food products between third countries and Russia.”
“To avoid disruption to payment channels, the Federal Council has made two new exceptions with respect to transactions related to agricultural products and oil supplies to third countries, as has the EU.”