Switzerland has announced that it is joining the European Union's (EU) 10th package of sanctions against Russia over its involvement in the ongoing war in Ukraine. The Swiss government

made the announcement in a statement late on Wednesday, explaining that the move will align Switzerland with the EU, which recently adopted the package of sanctions. The announcement follows the decision by the Swiss Federal Department of Economic Affairs, Education and Research to approve Switzerland's sanctioning of around 120 additional individuals and entities on March 1st.

The newly adopted sanctions include restrictions on products, a ban on Russian citizens serving on governing bodies of critical infrastructure owners or operators, changes to reporting requirements in the financial sector, and a ban on them owning or operating critical infrastructure. The measures also include new export bans and restrictions that specifically apply to items that advance military and technological capabilities, boost Russia's industrial capacity, and items used in the aviation and aerospace sectors. The package also tightens trade regulations on products that are crucial to Russia's economy.

However, the Swiss government has stated that the latest measures will also include humanitarian exemptions and a new means of safeguarding Swiss economic interests in specific cases. In addition, the government has previously stated that it is prepared to act within the framework of existing legislation to minimize any unintended economic consequences on Swiss companies.

The announcement also revealed that through its decision, the Federal Council had prevented sanctioned Russian banks from coming into possession of large stakes in two Swiss high-tech companies and indirectly benefiting from the sanctions. The changes came into effect on March 29 at 8 p.m. (1800GMT).

The EU's 10th package of sanctions, which Switzerland has now adopted, was imposed on Feb. 25th and includes restrictive measures on an additional 87 individuals and 34 entities. The sanctions aim to increase pressure on Russia to find a peaceful resolution to the ongoing conflict in Ukraine. Photo by Wladyslaw, Wikimedia commons.