Switzerland expands sanctions against russia and lowers price cap for oil

On 12 August, the Federal Department of Economic Affairs, Education and Research (EAER), which oversees Swiss sanctions, expanded its sanctions lists against russia. Switzerland has thus adopted a series of amendments introduced by the European Union as part of its 18th package of sanctions.

These measures take effect on 12 August.

From this date, 14 more individuals and 41 russian entities are subject to asset freezes and a ban on the provision of economic resources. These individuals are also prohibited from entering and transiting through Switzerland. 

"The newly sanctioned individuals and entities include russian and international companies managing shadow fleet vessels, traders of russian crude oil, and suppliers to russia’s military industrial complex, including those based in third countries," the statement reads. 

In addition, another 105 vessels from third countries are now subject to a comprehensive ban on purchase, sale and provision of services. These are mainly tankers that are part of russia's shadow fleet, which circumvents restrictions on the price of russian crude oil and petroleum products or transports military goods for russia.

The EAER also lowered the price cap on russian crude oil to US$47.6 per barrel. The statement noted that the oil price cap will take effect on 3 September.

In the trade sector, 26 new entities, including some in third countries, are subject to stricter export control restrictions, particularly those for circumventing export restrictions on unmanned aerial vehicles.

Switzerland has also adopted additional lists introduced by the EU on 15 July for Moldova and on 18 July for Belarus.

In Moldova, seven more individuals and three organisations are now subject to asset freezes and a ban on the provision of economic resources.

"These listings target individuals and entities involved in russian-led efforts to influence Moldova’s referendum on EU membership and the 2024 presidential election," the statement explained.

As for Belarus, eight Belarusian defence industry companies are now subject to asset freezes and a ban on the provision of economic resources.

Source: European Pravda