Switzerland adopts EU sanctions on Russia, gives firms more time to pull investments

Switzerland’s Federal Council has decided to impose certain trade and economic restrictions on Russia in line with the 14^th package of sanctions adopted by the EU in late June, while extending the deadlines for Swiss companies to pull investments out of Russia.

In a notice on 21 August, the State Secretariat for Economic Affairs (‘SECO’) said the measures ‘include a clarification of the bans on Russian diamonds, making them internationally harmonised.’ It added, ‘The Federal Council has also extended the deadlines for granting exemption permits with regard to the withdrawal of investments from Russia. The aim is to ensure that Swiss companies can legally terminate their business activities in Russia.’

The amendments will enter into force on 27 August, but already by 9 July Swiss authorities had implemented sanctions on an additional 69 individuals and 47 entities designated by the EU.

https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-102144.html