Switzerland targets Russian oil with new sanctions

Switzerland aligns its sanctions on the EU, targeting Fleets of Russian Tankers, Oil and Armament, and extends its measures to Moldova and Belarus.

Switzerland strengthens its sanctions against Russia in the context of the war in Ukraine. The measures aim for the Russian oil windfall. The European Union (EU) approved this same package of sanctions, the 18th since the start of the war, in mid-July.

In total, 14 new natural persons and 41 new companies and entities are subject to the freezing of assets and the ban on entering Switzerland or transit, the Federal Department of Economy (DEFR) said on Tuesday in a press release.

Against the ghost fleet

These are in particular Russian and international companies managing ships of the ghost fleet, Russian crude oil traders and suppliers of the Russian military-industrial complex, including third-party countries.

In addition, 105 new ships are subject to vast purchase and sale prohibitions, as well as recourse to maritime services. They are above all tankers who are part of the Russian ghost fleet, which sell hydrocarbons or petroleum products without respecting the ceiling price or which transport military goods for Moscow.

In the commercial field, 26 new entities, some of which are located in third countries, are subject to stricter export control measures, in particular for having circumvented drone export restrictions. In addition, the Russian crude crude oil ceiling price is lowered to 47.60 dollars, in agreement with the EU and according to prices on the world market.

The measures come into force Tuesday at 11:00 p.m., with the exception of the oil price for oil. This last modification will be introduced on September 3.

Also against Putin allies

The 18th EU sanctions package provides for a series of other measures, especially in the energy, finance, and goods sectors. These measures are being analyzed, so that the Federal Council can examine their possible recovery, specifies the DEFR.

In the process, Berne has also resumed EU sanctions against Moldova and Belarus. Regarding Moldova, seven natural persons and three entities are found under the blow of sanctions, for having participated in the Russian campaigns aimed at influencing the elections during the referendum on EU membership and the 2024 presidential elections.

As part of the measures taken against Bélarus, 8 local companies active in the arms industry are sanctioned. (Jah/ATS)