"In response to Russia's ongoing military aggression against Ukraine, as well as Russia's continued destabilizing actions that undermine Ukraine's territorial integrity, sovereignty and security, the EU adopted new measures against Russia on June 23," the Federal Council said in a press release Wednesday.
The package, which was adopted by the European Union in June, includes tighter sanctions on financial products and targets "dual use" technology that can be used for military purposes.
"The Federal Council will adopt the remaining measures contained in the eleventh package of sanctions that are relevant to Switzerland with effect from Aug. 16," the council said.
Though Switzerland is expanding its sanctions, the government is adopting humanitarian exemptions and exemptions for businesses that are withdrawing from Russia. Those exemptions are similar to the exemptions the European Union has adopted.
"These measures include a ban on exports of dual-use goods and goods that contribute to Russia's military and technological enhancement to 87 additional companies, including companies from third countries that have delivered such goods to Russia," the Federal Council continued.
The sale of certain intellectual property rights and trade secrets to Russian entities will be prohibited as will the sale of substances that can be used as precursors to chemical weapons.
Switzerland's previous sanctions package prohibited the sale of securities in Swiss francs or European Union currencies to Russian nationals. The updated package prohibits the sale of securities to Russian nationals in any currency.
The Swiss Federal Council says it is closely coordinating sanctions and enforcement with the European Union.
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