Switzerland's Federal Council decided on November 4 to incorporate measures from the European Union's 21st sanctions package against Russia and Belarus into Swiss law. According to the official announcement, the restrictions cover banks and other financial institutions, transport facilities, vessels, exports and transactions involving assets.
Additional asset freezes and prohibitions on making economic resources available apply to 254 individuals, companies and other entities. Another 41 companies face tighter export controls. Restrictions on transactions also cover 33 Russian banks, one bank in a third country, 17 financial institutions and cryptocurrency service providers, five companies in third countries, four Russian airports and two ports.
Separate bans on transactions, purchases, sales and the provision of services extend to another 41 vessels that Swiss authorities associate with Russia's so-called shadow fleet. The package also tightens controls on goods destined for Russia's defense and technology industries and bars Russian citizens and residents from acquiring stakes in Swiss companies providing cryptocurrency services.
Six individuals and one company have been removed from the sanctions lists. Switzerland also decided, for the time being, not to list two Russian citizens or impose tighter export restrictions on 14 companies in a third country, citing legal and foreign-policy considerations.
In the energy sector, the measures introduce reporting requirements for sales or other transfers of ownership of liquefied natural gas tankers to third countries. An exemption covering certain shipments of Russian oil to Japan has been extended until March 31, 2028.
The Swiss Federal Department of Economic Affairs, Education and Research updated the sanctions lists on November 3. The list amendments take effect at 11 p.m. local time on November 4, while the sectoral restrictions enter into force on November 5.