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Trade Trends News
01-02-2024
Switzerland will ban imports of Russian diamonds under the latest round of European Union sanctions aimed at punishing Moscow for its incursion into Ukraine, the government said on Wednesday.
Bern has agreed to adopt the 12th round of EU sanctions imposed last December, with the measures taking effect from Feb. 1, like all previous rounds since the war broke out nearly two years ago.
The measures include a phased ban on the purchase and import of Russian diamonds.
In a statement, the government said, "Switzerland thus joins the measures agreed at the G7 summit on December 6, 2023 to deprive Russia of this important source of revenue."
Import bans have also been imposed on other goods that bring in revenue for Russia, including pig iron and liquefied petroleum gas.
Switzerland has said it is expanding its list of banned exports, which could be used to strengthen Russia's military and technology sectors. Exports of lithium batteries, drone motors, machine tools and parts have also increased.
In the financial sector, Russian nationals and individuals residing in Russia will be prohibited from controlling Swiss companies offering crypto-asset services.
Switzerland has also imposed sanctions on a further 147 individuals and companies, bringing the total number of sanctions to 1,422 individuals and 291 organizations.
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