The cabinet decided on Wednesday that the new measures adopted by the European bloc on June 23 would take effect later in the day in the Alpine country.
Switzerland, which is not a member of the 27-country bloc, is a key EU trading partner and has followed every set of its sanctions against Russian companies and individuals since Russian President Vladimir Putin launched an invasion of Ukraine in February last year.
The 11th round of sanctions aims to close loopholes so that goods vital to Putin’s war effort don’t get through to Russia by way of countries that trade with the EU and have maintained a business-as-usual relationship with Moscow.
The multiple rounds of sanctions have affected banks, companies and markets, and even parts of the sensitive energy sector. More than 1,000 officials are subject to asset freezes and travel bans.
Switzerland on June 28 implemented sanctions on more than 100 other companies and people after the EU’s move days earlier and will adopt the rest of the 11th-round sanctions “that are relevant to Switzerland” on Wednesday, the government said.
The Swiss measure will ban exports of some “dual-use goods” – i.e. with possible civilian and military uses – to another 87 companies, and some types of electronic components and precursors to chemical weapons will also be affected, the government said.
“In the financial sector, the existing ban on selling securities denominated in Swiss francs or in an official currency of an EU member state to Russian nationals and entities was expanded,” it said. “The sale of securities to Russian citizens and entities is now prohibited, regardless of the currency.”
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.