In response to Russia’s ongoing invasion of Ukraine, the Federal Council took on 25 March 2022 the decision to adopt further sanctions against Russia, thereby implementing the Federal Council decision of 18 March 2022 to adopt the latest package of EU sanctions. The measures came into force at 11:00 pm on 25 March 2022.

The export of goods and related services for the Russian energy sector is now prohibited. Also prohibited is the participation in businesses active in the energy sector and the provision of loans or other financial resources to such businesses. Furthermore, a ban is introduced on the import of iron and steel goods from Russia, or originating in Russia, as well as a ban on the export of luxury goods and maritime navigation goods to Russia. In the financial sector, transactions with certain state-owned companies and the provision of credit rating services are prohibited.

However, the Federal Council has decided to allow certain exceptions from the financial sanctions for humanitarian purposes. According to the press release, this shall ease business relationships necessary for the work of humanitarian organisations. The Federal Council concludes that all measures contained in the  fourth package of EU sanctions have been implemented and adopted into Swiss law. Accordingly, the Ordinance on measures in connection with the on the situation in Ukraine has been amended.