Switzerland has announced new sanctions against Russia on Tuesday. The Federal Department of Economic Affairs, Education and Research (WBF) described the move as a response to Russia’s continued military aggression against Ukraine and its persistent destabilizing actions against Ukraine’s territorial integrity, sovereignty and security. The country has thus joined the EU’s 16th sanctions package, which was adopted a week ago on the third anniversary of the Ukraine war.
The new measures affect 48 individuals and 35 companies that support Russia’s military complex. If they own assets in Switzerland, these will be frozen and a travel ban will be imposed. Three banks will be prohibited from conducting transactions with the Swiss financial institutions starting from 22:00 MEZ on Tuesday, as they use the Russian alternative to the SWIFT network, known as the System for the Transfer of Financial Messages of the Central Bank of the Russian Federation (SPFS). Additionally, 13 more Russian banks will be disconnected from the SWIFT network on March 17.
The updated Swiss sanctions list now includes over 2,400 individuals, companies and organizations, matching the EU’s list. The new sanctions package is focused on key sectors of the Russian economy, including energy, trade, transportation, infrastructure and financial services, as well as measures to prevent circumvention of sanctions. The new measures affect 74 ships, 48 individuals and 53 companies, including those from Kazakhstan, China, Turkey and the United Arab Emirates.