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Switzerland is not an EU member but has autonomously aligned its Russia sanctions regime with successive EU packages since 2022 via the WBF's Ordinance on Measures Relating to the Situation in Ukraine (SR 946.231.176.72). Annex 28 of that ordinance carries the numeric price cap on Russian seaborne crude oil; the WBF's 29 January 2026 amendment lowered it from USD 47.6 to USD 44.1 per barrel, taking effect 1 February 2026, mirroring the same six-monthly dynamic-adjustment formula (15% below the 22-week trailing average Urals price) applied by the EU's Implementing Regulation 2026/124 ([[2026-01-15-eu-commission-implementing-regulation-2026-124-oil-price-cap-44-1]]) and the UK's OFSI general-licence amendment ([[2026-01-15-uk-ofsi-oil-price-cap-cut-44-10]]) two weeks earlier. Swiss-domiciled financial intermediaries and transport-services providers (maritime carriage, insurance, brokering) are prohibited from servicing Russian crude cargoes priced above the new threshold, and financial intermediaries must report affected business relationships to SECO.
EU, UK, and now Switzerland all having implemented the same USD 44.1/bbl threshold within a two-week window, the dynamic-adjustment mechanism introduced in the 18th EU sanctions package is showing cross-jurisdictional durability beyond the EU bloc itself.
significant commodity-trading and marine-insurance infrastructure (Geneva/Zug); this closes a potential gap where Swiss-domiciled service providers could otherwise service above-cap cargoes outside EU/UK jurisdiction.
to mechanically mirror the EU/UK six-monthly reset or lags/deviates is the thing to watch at the next window.