Switzerland expands Russia, Ukraine defence equipment ban

By Dow Jones newswires

Switzerland said it would expand the list of defense equipment that can't be exported to both Russia and Ukraine, as the Alpine nation vowed to reinforce efforts to prevent Russia from using it as a means of circumventing European Union sanctions over the crisis in Ukraine.

Economists say the EU's sanctions are unlikely to disrupt the Alpine country's reasonably strong economic growth, although it may weigh on some Swiss component makers who supply German companies that ultimately sell manufactured products to Russia.

The Federal Council also said it would expand existing prohibitions against Swiss financial intermediaries taking on new business from Russia and Ukraine, but it didn't provide any details of the action it is considering.

Read more here: Business Spectator


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