Switzerland adds 254 people and entities to Russia sanctions
Switzerland adopted further measures from the European Union’s sanctions package against Russia and Belarus, adding 254 people and entities to restrictions. Asset freezes, transaction bans and tighter export controls extend the package across finance, shipping and military-related trade. Bern also retained specific exceptions and deferred some listings after considering legal and foreign-policy concerns.
Geopolitics··Evening
Asset freezes expand
Switzerland added 254 individuals, companies and entities to its Russia sanctions lists as it adopted further measures from the European Union’s 21st sanctions package. Listed parties face asset freezes and a prohibition on making economic resources available to them. Export controls were tightened on 41 companies.[1], [2]
The Federal Council took its decision on November 4. The economics ministry had updated the lists on November 3, with those changes taking effect on November 4 and sectoral measures following on November 5. The European Union had adopted the package on July 23. Individuals on the lists also face entry and transit bans.[1]
Banks and vessels face transaction restrictions
Transaction prohibitions cover 33 Russian banks, a bank in a third country, 17 financial institutions and crypto-service providers, five third-country companies, four Russian airports and two Russian ports. A further 41 vessels associated with Russia’s shadow fleet face purchase, sale and service bans. Trade restrictions also target goods supporting Russian military and technological capabilities, particularly aerospace and drone production.[1]
Bern retains exceptions and defers listings
Switzerland temporarily declined to list two Russian nationals after considering legal and foreign-policy issues, and left fourteen third-country companies outside additional export controls for now. Six individuals and one company were removed in line with European Union decisions. An exemption for certain Russian crude shipments to Japan was extended until March 31, 2028. Further measures address Belarus and abusive Russian court rulings against Swiss businesses and individuals.[1]
