Switzerland has expanded the scope of its list of prohibited goods to include a wide range of materials, including propellant chemicals, a number of metals, and different types of plastic, with a deadline until the end of January 2026 to complete ongoing commercial transactions. In addition, it has imposed new restrictions on software used in the banking sector, in a move primarily aimed at reducing and disrupting the enhancement of Russian technological capabilities.

The new measures included a complete and comprehensive ban on any financial transactions with Russian banks that have already been blacklisted, and a complete freeze on any commercial dealings with the “Russian Direct Investment Fund” and its subsidiaries. It is worth noting that Switzerland has temporarily excluded two Chinese banks from these measures, in a clear indication of consideration and sensitivity to the economic relations that bind it with Beijing.

A complete ban on any dealings related to the “Nord Stream” pipelines has been announced, and the import of refined petroleum products from Russia will be prohibited starting from the beginning of 2026, a step considered late compared to the measures taken by other European countries.

Switzerland has applied a similar package of sanctions to Belarus, and this package included a ban on the import of military equipment and the prohibition of any dealings with Belarusian banks, as part of its continued efforts to align its policies with the unified European position.

Despite these steps, Swiss companies still face many legal and operational challenges as a result of the differences between the Swiss legal system and the European legal system, at a time when Bern is seeking to achieve a delicate and difficult balance between joining the imposed Western sanctions and maintaining its commercial and economic interests.