The Swiss Federal Council today (February 15, 2023) 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.
In response to Russia’s ongoing violation of Ukraine’s sovereignty and territorial integrity, the EU issued price caps for petroleum products from Russia on 4 February. At the same time, the EU also adapted the associated transitional provisions. The Federal Department of Economic Affairs, Education and Research (EAER) adopted the price cap for Russian crude oil on 8 December 2022. 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.
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 USD 45 per barrel. The price for petrol, diesel or kerosene is capped at USD 100 per barrel. The aim of these provisions is to mitigate adverse consequences on energy supply to third countries and reduce price surges driven by Russia’s military aggression against Ukraine, while also limiting Russian oil revenues.