Thursday , February 2 2023
Home / le News / Switzerland adopts EU’s eighth package of sanctions

Switzerland adopts EU’s eighth package of sanctions

Summary:
On 23 November 2022, Switzerland’s Federal Council adopted the latest round of EU sanctions against Russia. © Petr Pohudka | Dreamstime.comIn response to Russia’s ongoing military aggression against Ukraine, as well as Russia’s continued efforts to destabilise and undermine Ukraine’s territorial integrity, sovereignty and security, the European Union (EU) adopted new measures against Russia on 6 October as part of the eighth package of sanctions, said the Swiss government. Following further sanctions by the EU, On 12 October 2022, Switzerland’s Federal Department of Economic Affairs, Education and Research (EAER) made certain amendments and sanctioned around 30 additional persons and entities. Effective from 23 November 2022, the Federal Council will adopted the remaining

Topics:
Investec considers the following as important: , ,

This could be interesting, too:

Claudio Grass writes 2022 is the end of big tech and the beginning of the 11 years commodity cycle from 2023 – 2033

Investec writes Unclaimed Swiss pensions reach 5.6 billion in 2022

Investec writes Switzerland has too many pigs, leading to animal welfare concerns

Claudio Grass writes The death of the middle class is the death of civil society

On 23 November 2022, Switzerland’s Federal Council adopted the latest round of EU sanctions against Russia.

© Petr Pohudka | Dreamstime.com

In response to Russia’s ongoing military aggression against Ukraine, as well as Russia’s continued efforts to destabilise and undermine Ukraine’s territorial integrity, sovereignty and security, the European Union (EU) adopted new measures against Russia on 6 October as part of the eighth package of sanctions, said the Swiss government.

Following further sanctions by the EU, On 12 October 2022, Switzerland’s Federal Department of Economic Affairs, Education and Research (EAER) made certain amendments and sanctioned around 30 additional persons and entities.

Effective from 23 November 2022, the Federal Council will adopted the remaining measures set out in the eighth sanctions package. These include a legal basis for the introduction of oil price caps for Russian crude oil and petroleum products, as well as restrictions on other iron and steel products, aerospace goods and goods of economic importance to Russia. The measures also include bans on the provision of further services (IT, engineering, architecture, legal services) to the Russian government and to Russian companies, as well as on holding seats on the boards of certain Russian state-owned companies.

In addition to adopting the measures set out in the EU’s eighth package of sanctions, the Federal Council explicitly included an arms embargo against Russia, which for reasons of Swiss neutrality will also be partially extended to Ukraine. Up until now, the arms embargo has been implemented in Switzerland largely on the basis of existing war materiel and goods control legislation. In adopting the embargo on military equipment, it is now explicitly included in the ordinance in connection with the situation in Ukraine.

In August, the Federal Council said that Switzerland was determined to contribute to combating the global food and energy crises. With this in mind that the Federal Council decided to amend the ordinance to allow the purchase of certain fertilisers, provided they are destined for use beyond Switzerland. This reflects Switzerland’s key role in the global trade of fertiliser, said the government.

More on this:
Government press release (in French) – Take a 5 minute French test now

For more stories like this on Switzerland follow us on Facebook and Twitter.

About Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to our niche client base.

Leave a Reply

Your email address will not be published. Required fields are marked *