Switzerland Implements Full Ban on Russian Gas and New Sanctions Against Belarus and Russia

Switzerland is set to impose a full ban on purchasing Russian gas and will introduce new restrictions on Russia's industrial and financial sectors, as well as strengthen sanctions against Belarus, the Swiss federal government reported on February 25.

According to the statement, starting from April 25, the country will implement a comprehensive ban on the purchase and import of Russian liquefied natural gas (LNG). Existing contracts for gas imports will remain valid until the end of 2026, but they will not be renewed.

“The measure aims to reduce Russia's revenues from the sale of fossil fuels, which are a major source of funding for the war against Ukraine,” the government said.

In addition to the gas ban, Switzerland has aligned its financial and trade sanctions with the European Union’s 19th package of restrictions. This includes a ban on cryptocurrency services for Russian citizens and companies, along with prohibitions on transactions involving cryptocurrencies tied to the ruble.

Switzerland has also expanded its sanctions list to include metals used in weapons production and products involved in fuel manufacturing. Furthermore, “the existing ban on the provision of services will be extended to new services,” including advanced technologies, artificial intelligence, and tourism-related services. Additionally, any non-prohibited services provided to the Russian government will now require prior authorization.

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The Federal Council further stated that Russian diplomats accredited to the EU must notify Switzerland in advance if they plan to transit through or remain in the country.

Finally, Switzerland will extend its restrictions to Belarus, targeting services, trade, and cryptocurrency to prevent potential evasion of sanctions through Belarus, which remains an ally of Russia in its war against Ukraine.

Switzerland’s new sanctions package comes as Russia grapples with a shortage of liquefied petroleum gas (LPG) across several regions, including Nizhny Novgorod, Ivanovo, Yaroslavl, Volgograd, Moscow, and Tatarstan. According to The Moscow Times, the shortage has been exacerbated by critical delays in rail deliveries, which began in February.

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Market sources report a significant depletion of stockpiles, forcing some gas stations to close temporarily. The Real-Invest group stated that approximately 2,500 tons of gas are stranded at the Serga station, and the company has lost out on 1,800 tons of fuel, equivalent to a month's worth of sales.

Earlier, the European Council introduced new regulations to gradually reduce imports of Russian pipeline gas and liquefied natural gas, aiming to decrease the EU's dependence on Russian energy as part of the REPowerEU initiative.

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