Announcement
07 Dec 2022
In December 2022, the Swiss Government announced it would set a price cap for Russian oil at USD 60 per barrel. In addition, it placed 2 Iranian military drone manufacturers on the frozen fund list.
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Number of interventions
3
3 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
08 Dec 2022
Revocation date:
No revocation date
Updated: 07 Dec 2022
Controls on commercial transactions and investment instruments
In force
On 7 December 2022, the Swiss Government placed two Iranian companies on the list of entities whose funds and economic resources will be frozen in Switzerland. The target companies are Is...
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Implementation date
08 Dec 2022
Revocation date:
02 Sep 2025
Updated: 07 Dec 2022
Export-related non-tariff measure, nes
On 11 August 2025, the Swiss State Secretariat for Economic Affairs (SECO) issued Amendment Decree AS 2025/497, decreasing the price cap to USD 47.6 per barrel. The measure is in force since 3 Sept...
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Updated: 07 Dec 2022
Controls on commercial transactions and investment instruments
On 7 December 2022, the Swiss Government announced that it will prohibit Swiss operators from providing certain commercial financing services to entities that provide transportation-related service...
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Related State Acts
29 Jan 2026
Switzerland: Provision of financial and transport services related to Russian oil above USD 44.1 per barrel prohibited
11 Aug 2025
Switzerland: Further sanctions in response to Russia’s war against Ukraine, including lowered price cap on Russian crude oil (August 2025)
15 Feb 2023
Switzerland: Adoption of further economic sanctions against Russia, including price caps for Russian crude oil and petroleum products above USD 45 or USD 100 per barrel
27 Dec 2022
Russia: Prohibition of oil exportation to buyers following the price cap
07 Dec 2022
Australia: Government implements price cap of USD 60 per barrel of Russian crude oil
05 Dec 2022
Japan: Government announces actions related to the price cap on Russian oil imports from Russia in response to invasion of Ukraine
03 Dec 2022
EU: Operators prohibited from providing financial and transport services related to Russian oil above USD 60 per barrel
02 Dec 2022
Canada: Government prohibits the provision of financial and transport services related to Russian oil above USD 60 per barrel
02 Dec 2022
United States of America: Department of Treasury bans providing services facilitating the maritime transport of Russian oil above USD 60 per barrel
02 Dec 2022
United Kingdom: HM Treasury prohibits the provision of services facilitating the maritime transport of Russian oil above USD 60 per barrel
23 Nov 2022
Switzerland: Adoption of additional trade sanctions and introduction of legal basis for price cap mechanism for Russian crude oil and petroleum products
14 Nov 2022
EU: Two Iranian military drone manufacturers included on the frozen fund list
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