Switzerland Expands Sanctions Against Russia and Lowers Price Cap on Oil

• Switzerland has added 14 individuals and 41 organizations to its sanctions list.
• The price cap on Russian oil has been lowered to $47.6 per barrel.
• A ban has been imposed on 105 vessels from third countries.

This is reported by Ukrayinska Pravda, Interfax Ukraine.

On August 12, Switzerland expanded its sanctions list against Russia, adding 14 individuals and 41 organizations. These measures take effect from August 12.

The Federal Department of Economic Affairs, Education and Research (EAER) of Switzerland implemented changes in accordance with the 18th package of European Union sanctions. Among the new sanctions are the freezing of assets and a ban on the provision of economic resources for designated individuals and organizations.

The ban also applies to the transit through Switzerland for newly sanctioned individuals. In particular, the list includes Russian and international companies that operate “tanker” fleets, traders of Russian oil, and suppliers for the military-industrial complex of Russia.

Additionally, 105 vessels from third countries have fallen under the general ban on purchases, sales, and the provision of services. This mainly concerns tankers, which are part of the “tanker” fleet of Russia, which circumvent the restrictions on the price of Russian oil.

EAER has also lowered the price cap on Russian oil to $47.6 per barrel. This new limit will take effect on September 3.

In the trade sector, 26 new subjects, including from third countries, have been added under broader restrictions on exports, including regarding dual-use goods.

Switzerland has also introduced additional lists, implemented by the EU on July 15 and 18 for Moldova and Belarus. In Moldova, the sanctions applied to seven individuals and three organizations linked to the influence on the referendum regarding membership in the EU, while in Belarus – to all companies involved in the military-industrial complex.

Tags: Russia/Europe/Politics/Energy