Switzerland joins EU’s seventh sanctions package against russia

On Wednesday, the Swiss Federal Council announced Switzerland was joining the latest, seventh package of the European Union's sanctions introduced in connection with russia's full-scale invasion of Ukraine.

European Pravda reports.

"Given russia's ongoing military aggression in Ukraine, the Federal Council introduced additional sanctions against russia on August 3 following the latest EU sanctions on gold and gold products. The measures will take effect at 18:00 on August 3," the statement reads.

According to the new sanctions, the assets of russia's largest bank, Sberbank, are frozen, and it's forbidden to provide funds, economic resources, or technical services. The council added another 54 individuals and nine legal entities to Switzerland's sanction list.

"Thus, the list of persons and organizations against which Switzerland imposed sanctions in connection with the situation in Ukraine fully corresponds to the EU list," the message states.

The Federal Council of Switzerland emphasizes that none of the sanctions against russia are aimed at trade in agricultural or food products between third countries and the russian federation. To this end, they provided two exceptions for operations related to farm products and oil supplies to third countries.

To recap, on July 21, the countries of the European Union agreed on a new package of restrictive measures against russia.

The EU expands the list of dual-purpose goods that can be used for the military-industrial complex and are subject to export restrictions. The sanctions include a ban on the purchase, import, and direct or indirect transfer of gold from the russian federation, including through third countries. The ban also extended to jewelry, although it was initially believed that the restrictions would be partial.

As Rubryka reported, Switzerland hosted the international Ukraine Recovery Conference in Lugano jointly with Ukraine. Initially, the Lugano conference was planned as the 5th Ukraine Reform Conference. Amid russia's full-scale war against Ukraine since February 24, 2022, Ukraine and Switzerland decided to proceed with the organization of the conference but to refocus the priorities on a topic that is more relevant to Ukraine in the current situation.

Read Rubryka's daily timeline of war: current news on Ukraine's defense against russia's aggression.