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Swiss Sanctions on Russia Narrow Scope for Commodities Business

June 10, 2022, 5:38 PM

Switzerland’s plan to adopt European Union sanctions against Russia and Belarus probably will make it harder for companies that deal with the country’s commodities industry.

The sanctions package includes a phased oil embargo that will take full effect in the beginning of 2023, though most Swiss-based entities have already scaled back on the business. Prospective bans on providing financial services such as auditing or insurance to Russian companies are likely to have more of an immediate affect on the mechanics of trading with the country.

Switzerland, which announced plans to adopt the latest EU restrictions on Friday, is home ...