Switzerland adopts EU's seventh package of sanctions against Moscow, targets Russian gold

In response to Moscow's offensive in Kyiv, Switzerland adopted the EU's seventh package of sanctions against Russia on Wednesday. The Switzerland authorities have targeted gold products from Russia. According to the statement released by the Federal Council, the decision came into effect on 3 August amid the ongoing war between Russia and Ukraine which has transcended 150 days.

“In view of Russia’s ongoing military aggression in Ukraine, the Federal Council imposed further sanctions against Russia on 3 August in line with the EU’s latest sanctions on gold and gold products,” the Switzerland government announced in a press release. 

Switzerland has banned buying, importing or transporting gold and gold products from Russia. In addition, services related to these goods have also been prohibited. The assets of the largest Russian bank, Sberbank, have been frozen and it is banned from providing funds, economic resources or technical services. The government has decided to introduce new rules to ensure the orderly wind-down of transactions and the sale of Sberbank subsidiaries. The Federal Council of Switzerland noted that the sanctions imposed against Russia do not target the agricultural food products between third countries and Russia.

The Federal Council has made two new exceptions concerning transactions related to agricultural products and oil supplies to third countries in line with the EU. Earlier on July 29, Switzerland authorities added 54 people and 9 organisations and entities to the sanctions list. Notably, European Union nations have been imposing sanctions against Russia for its invasion of Ukraine. So far, the EU has adopted seven packages of sanctions against Russia. seventh package .Furthermore, the EU nations have been providing economic and defence assistance to Ukraine.

Canada imposes sanctions aainst Russian military officials & entities 

Meanwhile, Canada has imposed sanctions against 43 Russian military officials and 17 entities. The latest sanctions have been imposed against individuals who have been allegedly involved in "senseless bloodshed" in Ukraine. Melanie Joly, Canada's Minister of Foreign Affairs, in the statement said that Ottawa "strongly condemns" the murder of civilians in Ukraine. Joly said that Canada will make use of every tool to ensure that violations of international law in Ukraine, including those in Bucha, have been fully investigated. Canada will continue to work with its partners to ensure that those responsible for the atrocities are brought to book. Furthermore, the EU nations have been providing support to Ukraine.

Image: AP