GENEVA
The Swiss government announced that it will ban all foreign investment in Crimea and Sevastopol to prevent the circumvention of international sanctions imposed against Russia.
"This decision by the Federal Council extends the measures introduced following Switzerland's non-recognition of Russia's annexation of the Crimea, an act which contravenes international law," read a statement from the State Secretariat for Economic Affairs on Friday.
It added that Swiss territory may not be misused to circumvent EU sanctions.
"All foreign investment in the Crimea and Sevastopol is now prohibited," it said. "Service bans apply in the investment and tourism branches, and in some other economic sectors. The existing ban on the export of key goods to the Crimea and Sevastopol has been extended to include further articles."
The Swiss government also added 28 names to the existing list of individuals and businesses with whom financial intermediaries may no longer enter into new business relationships.
