Switzerland is implementing the new measures decided by the EU on June 3 in response to Russia’s ongoing military aggression in Ukraine (sixth package of sanctions), Report informs referring to the website of the Swiss government.

The new measures include an embargo on crude oil and certain refined petroleum products from Russia. In addition, the embargo provides for a ban on the provision of services, including insurance or reinsurance, in connection with the transport of oil and certain Russian petroleum products to any destination.

This embargo will be brought into force progressively, as is the case in the EU, taking full effect by the beginning of 2023 following a number of transitional periods. Switzerland imports Russian petroleum products from European member states; in order to take into account the complex transitional periods foreseen by the EU, exceptions are envisaged in Switzerland for Russian oil and petroleum products that were legally imported into an EU member state prior to the new measures.

In the financial sector, the provision of services such as accounting, public relations and business consultancy to the Russian government or to legal persons and entities established in Russia is now prohibited.