Ukraine: Adoption of further EU sanctions against Russia
Bern, 18.03.2022 - On 18 March, the Federal Council took the decision to adopt the new EU sanctions against Russia. The Federal Department of Economic Affairs EAER had already amended Annex 8 of the Ordinance on Measures connected with the Situation in Ukraine on 16 March, thereby imposing the current EU sanctions on a further 197 individuals and 9 entities. Work has also begun at the EAER to add further provisions to the Ordinance in accordance with the decision of 18 March.
The EU decided on 15 March to impose further sanctions on Russia in light of Russia's ongoing military invasion of Ukraine. This fourth package of sanctions, in addition to the aforementioned list of sanctions that has already been implemented, includes more extensive measures in relation to goods, restrictions on transactions with certain state-owned enterprises and a ban on providing rating services to Russian clients or entities. On 18 March, the Federal Council took the decision to also adopt these EU sanctions. The corresponding measures will come into force within the next few days following the publication of the amended Ordinance on Measures connected with the Situation in Ukraine. The ban on the export of luxury goods contained in the new sanctions affects only a small portion of Switzerland's global exports of such goods. However, specific companies could be seriously affected.
Also part of the EU's fourth sanctions package is the withdrawal of Most Favoured Nation (MFN) status for Russia under the World Trade Organization (WTO) regime. The Federal Council will take its decision on that point based on an analysis conducted by the EAER.
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