197 more individuals and nine organizations will also be added to the list of sanctions applied.
Switzerland will ban the export of luxury goods to Russia, as well as impose restrictions on agreements with certain state-owned companies and a ban on the provision of rating services for Russian clients or organizations.SwissInfo writes about this.
According to the Federation of the Swiss Watch Industry, Russia is the 17th largest market in terms of export value of Swiss watches, generating $278 million in revenue in 2021. Therefore, the Swiss government does not believe that this ban will have an impact on the Swiss luxury sector, but some businesses will still be affected more than others.
“The ban on the export of luxury goods affects only a small part of Switzerland's global exports of this group of goods. However, some companies may be seriously affected,” the government said in an official press release.
An additional 197 individuals and nine organizations will also be added to the list of sanctions applied. At the same time, the exact date of the introduction of Swiss sanctions is not known.
“The corresponding measures will come into force in the next few days after the publication of the amended “Regulations on measures in connection with the situation in Ukraine,” the official statement says. .
Recall that earlier the Swiss Federal Council banned the supply of goods to Russia related to the spheres of defense and security, as well as the oil, aviation and space industries.
