Sanctions: Ordinance imposing Measures connected with the Situation in Ukraine
On February 6, 2025, the Swiss Confederation introduced an ordinance imposing measures connected with the situation in Ukraine. This ordinance is an expansion of the measures already in place, which were first introduced in 2014 following the annexation of Crimea by Russia.
The new ordinance includes a number of new measures, including:
- A ban on the import of coal and other solid fossil fuels from Russia.
- A ban on the export of luxury goods to Russia.
- A freeze on the assets of certain Russian individuals and entities.
- A travel ban on certain Russian individuals.
The ordinance also includes a number of measures to strengthen the enforcement of the existing sanctions. These measures include:
- Increased penalties for violations of the sanctions.
- The creation of a new enforcement unit within the Federal Department of Economic Affairs, Education and Research (EAER).
- The establishment of a new sanctions ombudsman to handle complaints from businesses and individuals affected by the sanctions.
The Swiss government has stated that these measures are necessary to support Ukraine and to deter further Russian aggression. The government has also said that it is committed to working with other countries to ensure that the sanctions are effective.
The new ordinance is expected to have a significant impact on the Russian economy. The ban on the import of coal and other solid fossil fuels is likely to be particularly damaging, as Russia is one of the world’s largest exporters of these commodities. The ban on the export of luxury goods is also likely to have a significant impact, as Russia is a major market for these goods.
The sanctions are also likely to have a negative impact on the Swiss economy. The ban on the import of coal and other solid fossil fuels is likely to lead to higher energy prices in Switzerland. The ban on the export of luxury goods is also likely to have a negative impact on Swiss businesses that export these goods to Russia.
Overall, the new sanctions are a significant step up in the Swiss government’s response to the situation in Ukraine. The sanctions are likely to have a significant impact on both the Russian and Swiss economies.
Sanctions: Ordinance imposing Measures connected with the Situation in Ukraine
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