Switzerland Joins Latest Round of EU Sanctions Against Russia and Belarus
Reform.news Editorial Team · 5 November 2026, 18:16
https://reform.news/en/switzerland-joins-latest-round-of-eu-sanctions-against-russia-and-belarus/Switzerland will align itself with the measures included in the European Union’s 21st package of sanctions against Russia and Belarus. The country’s Federal Council adopted the relevant decision on November 4.
On November 3, the Swiss Federal Department of Economic Affairs, Education and Research expanded and updated its sanctions lists. An additional 254 individuals, legal entities and organizations were made subject to restrictions. Individuals face bans on entering and transiting through Switzerland, while companies and organizations are subject to asset freezes and a ban on receiving funds.
In the trade sector, 41 companies, including those registered in third countries, were added to the list of entities subject to enhanced export controls. Switzerland also imposed transaction bans on a number of companies and organizations. These include 33 Russian banks, one bank in a third country, 17 financial institutions and cryptocurrency service providers, five companies in third countries, four Russian airports and two ports.
The restrictions also cover 41 vessels linked to Russia’s shadow fleet. The purchase and sale of these vessels, as well as the provision of services to them, are prohibited.
In the energy sector, Switzerland expanded restrictions related to Russian liquefied natural gas (LNG). The sale or transfer of ownership of LNG carriers in third countries is now subject to mandatory notification. At the same time, an exemption from the ban on transporting Russian oil and providing related services for certain shipments to Japan has been extended until March 31, 2028.
In the financial sector, restrictions on cryptocurrencies have been tightened. Russian citizens and people residing in Russia are prohibited from acquiring stakes in Swiss companies that provide cryptocurrency-related services.
The new measures also provide additional protection for Swiss companies and citizens against unlawful rulings by Russian courts, while extending several exemptions that allow commercial activities in Russia to be wound down in an orderly manner.
Switzerland has also removed six individuals and one company from its sanctions list.
“For foreign policy and legal reasons, Switzerland is currently refraining from adding two Russian citizens to the sanctions list. Enhanced export controls are also not yet being applied to 14 companies in third countries. Nevertheless, the operational measures already introduced as part of the 20th package of sanctions ensure that trade restrictions cannot be circumvented,” the Federal Council said.
The changes to the sanctions lists took effect at 11 p.m. on November 4, while the sectoral restrictions came into force on November 5.