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Switzerland joins EU price cap for Russian oil — authorities

The new measures enter into effect on 15 February 2023, the government said in a statement

GENEVA, February 15. /TASS/. The Swiss authorities have joined the price caps for Russian oil and petroleum products set by the European Union, the Federal Council, the Swiss government announced on Wednesday.

"The Federal Council today aligned its sanctions regime on crude oil and petroleum products from Russia with the latest package of sanctions adopted by the European Union (EU). The new measures enter into effect at 6pm on 15 February 2023," the government said in a statement. This decision is due to Russia's special military operation in Ukraine, the official Bern explained. The Federal Council recalled that on February 4, the EU set a price cap for petroleum products supplied from Russia.

"The Federal Council is now also adopting the new transitional provisions and the price caps for oil products from Russia with effect from 15 February," the statement said. In particular, "services facilitating the trade, brokering and transport of products such as heating oil from or originating in Russia are now only allowed if the price is not more than $45 per barrel," the government recalled.

Despite its neutral status, Switzerland, which is not a member of the EU, is in the wake of the EU sanctions policy against Russia. In March 2022, Moscow approved a list of foreign states and territories committing unfriendly actions against Russia, its companies and citizens. Switzerland was added to this list.

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