Switzerland adopts new EU sanctions on Russia but allows oil payment

Switzerland adopts new EU sanctions on Russia but allows oil payment

The Swiss government on Wednesday imposed new sanctions against Russia over the Ukraine war, in line with the latest European Union action on gold and its derivatives, the cabinet said.

The government said it had made two new exceptions regarding transactions related to agricultural products and oil supplies to third countries, which the EU also has, to avoid any interruption in payment channels.

“The new measures mainly concern the ban on buying, importing or transporting gold and gold derivatives from Russia. Services related to these goods are also prohibited,” the government said in a statement.

It states that Switzerland is committed to tackling the global food and energy crisis and notes that none of the measures against Russia are directed against trade in agricultural or food products between third countries and Russia.

“To avoid interruption of payment channels, the Federal Council (cabinet) has made two new exceptions regarding transactions related to agricultural products and oil supplies to third countries, just like the EU,” he said.

Purchases of Russian crude by sea by EU companies and its export to third countries are allowed, but under adjustments to the EU sanctions on Russia that came into effect last month, payments related to such shipments they would not be prohibited.

The Swiss government noted that Russia’s largest bank, Sberbank, has also had its assets frozen and is prohibited from providing funds, economic resources or technical services.

“New exceptions are being introduced to ensure the orderly settlement of transactions and the sale of Sberbank subsidiaries,” it said.

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