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Ukraine: Switzerland expands its sanctions lists

Swiss Government

Bern, 04.03.2025 -- The Federal Department of Economic Affairs, Education and Research (EAER), in its capacity as the competent body for sanctions, has expanded its list of sanctions against Russia. Switzerland is adopting the additional measures decided by the EU in response to Russia's continuing military aggression against Ukraine. The measures will take effect on 4 March.

In response to Russia's ongoing military aggression against Ukraine and its continued destabilising actions undermining Ukraine's territorial integrity, sovereignty and security, the EU adopted further measures against Russia on 24 February as part of its 16th package of sanctions. The EAER has implemented various sanctions listings under its jurisdiction.

A further 48 individuals and 35 entities have been sanctioned with a freeze on assets and a ban on providing funds and economic resources. The individuals are also banned from entering or transiting Switzerland. The individuals and entities that have been sanctioned include, among others, supporters of the Russian military complex.

More than 2,400 individuals and entities have now been listed by Switzerland in connection with Russia's military aggression against Ukraine. The listings correspond to those of the EU.

In addition, a further 74 vessels from third countries are subject to a ban on providing a broad range of services. These are mainly tankers that form part of Russia's shadow fleet circumventing the price caps on Russian crude oil or Russian petroleum products (oil price cap) or transporting military goods for Russia. In the trade sector, 53 new entities are subject to stricter export control measures. Three banks have been added to the transaction ban due to their use of use of the Russian alternative to the SWIFT system (SPFS).

The measures will come into effect at 10pm on 4 March.

Finally, 13 Russian financial institutions will be subject to the ban on providing specialised financial messaging services for payment transactions (SWIFT system) with effect from 17 March.

The 16th sanctions package adopted by the EU on 24 February provides for a number of further measures, including measures in the areas of goods, finance and services. The various measures are currently being examined so that the Federal Council can consider whether to adopt the new sanctions.