(Bloomberg) -- Switzerland is giving companies more time to apply for an exemption from a ban on operating in Russia, as many Western companies continue to do business there despite international sanctions.
The cabinet on Wednesday extended the deadline until the end of the year, the latest reprieve from the original deadline of September 2023. The aim is to “ensure that Swiss companies can legally terminate their business activities in Russia,” the Swiss government said in a statement Wednesday.
Western companies have tried to exit the Russian market since the country invaded Ukraine more than two years ago. But many firms have faced difficulties in getting their assets out of the country, with companies such as Danish brewer Carlsberg A/S seeing their local operations seized by the Russian government.
The government in Bern also announced further steps following the European Union’s 14th sanction package, including harmonizing its ban on Russian diamonds with internationally agreed measures. Since the invasion of Ukraine, Switzerland has regularly mirrored EU sanctions against Russia.
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