Ukraine: Federal Council tightens sanctions against Belarus
Bern, 16.03.2022 - On 16 March, the Federal Council approved the total revision of the Ordinance on Measures against Belarus. The newly adopted measures concern goods and financial services in particular. Due consideration is being given to humanitarian activities.
On 2 and 9 March, the EU extended its sanctions against Belarus in view of the country’s involvement in Russia’s serious human rights violations in Ukraine. On 16 March, the Federal Council took the decision to adopt these measures in full. They mainly concern trade and financial sanctions and are very similar to the measures already imposed on Russia by the EU and Switzerland. The changes come into force at midday on 16 March and can be viewed on the website cited below.
The export of all dual-use items (civilian or military) to Belarus is now prohibited, regardless of their end-use or end-user. In addition, the export of goods that could contribute to Belarus's military and technological enhancement or the development of the defence and security sector is prohibited. In this context, it is also prohibited to provide technical assistance, brokering services or financing.
Import bans in place against Belarus will also be extended. These bans now also apply to wood products, products made of rubber, iron and steel, and cement.
The provision of public financing or financial assistance for trade with or investment in Belarus is prohibited. Other restrictive measures in the financial sector concern securities, loans and the acceptance of deposits. Transactions with the Belarusian Central Bank are also no longer permitted. Furthermore, listed Belarusian banks are excluded from SWIFT, the international messaging system for financial transactions.
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