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Switzerland imposed sanctions on Russia

Switzerland imposed sanctions on Russia

Switzerland recently made an important announcement in line with the sanctions imposed by the European Union on Russia. The Swiss government has confirmed that it will ban the import of Russian diamonds as of February 1, 2024, Reuters reported.

The move can be interpreted as Switzerland's commitment to join the 12th sanctions package introduced by the European Union in December 2022. The purpose of the above-mentioned package of measures was to punish Moscow for the invasion of Ukraine, which began almost two years ago.

The ban on importing Russian diamonds is a strategic move aimed at cutting off a major source of income for Russia. This is in line with the decisions issued by the G7 Summit on 6 December 2023, which highlighted the importance of international responses to the conflict. In addition to diamonds, Switzerland is implementing additional measures, including restrictions on the import of iron ore and liquid gas.

Switzerland is also taking steps to try to prevent Russia from enhancing its military and technological capabilities. To this end, it expands the list of prohibited export products to include, among others, lithium batteries, motors for unmanned aerial vehicles (UAVs), tools and various parts. These measures limit Russia's ability to access advanced technologies that could increase its military effectiveness.

In the financial sphere, new regulations have been introduced that affect Russian citizens and Swiss residents who are active in the crypto-assets sector. This prevents them from acquiring a controlling stake in Swiss companies that provide cryptocurrency-related services.

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Switzerland strengthened its position against Russia by updating its sanctions list to include 147 other individuals and companies. With this step, the number of individuals and organizations affected by the sanctions rose to 1,422 and 291, respectively.

The Swiss decision indicates that the country pays special attention to alignment with the European Union and other international partners in efforts to contribute to resolving the conflict through its diplomatic and economic tools.

Cover image source: Getty Images

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