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| The Russian diamond ban is part of the 12th package of sanctions imposed by the EU. (Source: Reuters) |
Reuters reported that this is Bern's latest move in response to the European Union's (EU) new sanctions against Russia related to the special military campaign in Ukraine.
Late last year, Switzerland agreed to implement the 12th package of sanctions imposed by the EU, with measures taking effect from the beginning of January 2024. Among the new sanctions is a phased ban on the purchase and import of Russian diamonds.
“Switzerland will join the measures agreed at the G7 summit last December to deprive Russia of this important source of revenue,” the Swiss government said in a statement.
The import ban also applies to other items that generate revenue for Russia, including pig iron and liquefied petroleum gas (LPG).
Switzerland announced it was expanding a list of banned exports that could be used to bolster Russia’s military and technology sectors. Exports of lithium batteries, drone engines, machine tools and spare parts were added to the ban.
In the financial sector, Russian citizens and individuals will be banned from controlling companies providing crypto asset services in Switzerland.
Switzerland has added 147 more individuals and companies to its sanctions list, bringing the total to 1,422 individuals and 291 entities.
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