Switzerland joined the European Unionʼs 18th package of sanctions on August 12, expanding the sanctions list and lowering the price ceiling for Russian oil to $47.6 per barrel. Switzerland also adopted additional EU sanctions against Moldova and Belarus.
This was reported by the Federal Department of Economics, Education and Research (EAER) of Switzerland.
Another 14 people and 41 companies were added to the sanctions list, with their assets frozen and economic resources prohibited. They were also banned from entering and transiting through Switzerland.
Among the new targets of sanctions are Russian and international companies operating shadow fleet vessels, Russian oil traders, and suppliers to the Russian military-industrial complex, including those based in third countries.
Another 105 vessels from third countries were banned from purchase, sale, and maintenance. These are mostly tankers from the Russian shadow fleet that circumvent the price ceiling for oil and petroleum products or deliver military goods to Russia.
In the trade sector, 26 new companies, including some in third countries, have come under tighter export controls, mainly due to circumventing restrictions on UAV exports.
Seven other individuals and three companies from Moldova were also sanctioned, with asset freezes, resource transfers, entry and transit through Switzerland banned. This applies to those who participated in Russian-backed efforts to influence Moldovaʼs EU referendum and 2024 presidential elections.
Eight more Belarusian defense companies had their assets frozen and were prohibited from providing resources.
The oil price cut will take effect on September 3, and all other restrictions will take effect at 11:00 PM on August 12. In the 18th package of sanctions, the EU also introduced restrictions on trade in goods, finance, and energy. These are currently being studied in Switzerland.
- On July 18, the European Union adopted the 18th package of sanctions against the Russian Federation — 14 people and 41 organizations were hit by the restrictions. The sanctions concern the energy and banking sectors, the military industry, and enterprises in Belarus and China. In particular, the EU lowered the ceiling price for Russian crude oil from $60 to $47.6 per barrel — Ukraine has repeatedly said that this is necessary. You can read more about the 18th package of sanctions here.
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