I. Adoption of the sixth EU Sanctions Package

On 10 June, the Swiss Federal Council decided to also adopt the new sanctions introduced by the EU in its sixth sanctions package against Russia on 3 June (see blogpost here). The Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance”) will be revised accordingly.

The new EU measures target the areas of trade, finance and media. In the area of trade, the measures include an embargo on crude oil and certain refined petroleum products from Russia, which will come into force progressively in the EU and take full effect by the beginning of 2023 after a series of transitional periods. Switzerland will examine in detail the consequences of imposing such oil embargo.

In the area of financial restrictions, the new EU measures include a ban on providing audit and business consulting services and a clarification of the ban on providing services to trusts.

The new media related EU measures include a prohibition on advertising in content produced or broadcast by certain Russian media, including Russia Today or Sputnik. Switzerland had at the time not adopted the sanctions against the two Russian media companies.

II. Extension of the list of Designated Parties

In addition, Switzerland decided to designate more than 100 additional Russian and Belarusian individuals and entities. The updated list includes military personnel held responsible for the atrocities committed in Bucha, individuals involved in politics and disinformation/propaganda, and certain oligarchs and their family members. Switzerland’s lists of designated parties thus again fully mirror those of the EU.

The Swiss Federal Council also approved the exclusion of four new Russian and Belarusian banks, including Sberbank, from the SWIFT financial messaging service and an extension of the list of goods banned for export that could help to strengthen Russia in military and technological terms or to develop its defence and security sector, namely certain chemicals, as well as the list of economically important goods banned for import.

These amendments already entered into force on 10 June, at 6 PM CET.