Switzerland bans new investments in Russian energy sector

Switzerland joins the package of sanctions imposed by the EU against Russia, in particular, it prohibits new investments in the Russian energy sector, Report informs referring to the statement of the Federal Council of the country.

“The Federal Council decision of 25 March means that Switzerland remains in line with the measures imposed by the EU on 9 and 15 March…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,” reads the statement.

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. This eases business relationships necessary for the work of humanitarian organizations.