23 Nov 2022 18:55

Switzerland adopts another package of anti-Russian sanctions including legal basis for introducing Russian oil price cap

BERLIN. Nov 23 (Interfax) - Switzerland on Wednesday adopted the eight package of anti-Russian sanctions that includes the introduction of a Russian oil price cap.

"As of 23 November, the Federal Council will adopt the remaining measures set out in the eighth package of sanctions," the Swiss authorities said in a statement published on the Federal Council's website.

"These include a legal basis for the introduction of oil price caps for Russian crude oil and petroleum products, as well as restrictions on other iron and steel products, aerospace goods and goods of economic importance to Russia," the document says.

The sanctions will take effect at 6:00 p.m. on Wednesday local time, it says.

The new measures also envisage a ban on any provision of services in the IT sphere, as well as engineering, architectural or legal services to Russian authorities or companies. Additionally, the sanctions prohibit Swiss citizens from holding executive positions in certain companies owned by Russia.

According to the document, on October 12 the Swiss authorities designated another 30 individuals and legal entities as persons falling under anti-Russia sanctions.

The European Union adopted the eight package of EU sanctions containing the same measures on October 6.