19 Dec 2022 09:32

Switzerland follows EU in joining price cap on Russian oil

BRUSSELS. Dec 19 (Interfax) - Switzerland has decided to join the measures adopted by the European Union to impose a price cap on Russian oil, the country's government announced on its website on Friday.

The "EU agreed on December 3 to apply new sanctions relating to a price cap on Russian crude oil and petroleum products [...and on] December 16, the Federal Council decided to adopt these provisions, bringing Switzerland's measures in line with those of the EU," the statement said.

Switzerland also imposed sanctions against two citizens of Iran and two Iranian companies for their alleged involvement in developing and supplying unmanned aerial vehicles to Russia. The EU imposed sanctions on these individuals and companies on November 14. Russia and Iran deny that Iranian drones are being used in the military operation in Ukraine.

The decision by G7 countries, the EU and Australia to impose a price cap of $60 per barrel on Russian oil went into effect on December 5. The measure bars companies from countries participating in this initiative from providing transportation, insurance, brokerage and financial services for seaborne shipments of Russian oil sold at prices above this cap. The restrictions do not apply if the price is lower than the cap, which itself will be subject to change in future.