Neutral Switzerland had adopted more European Union sanctions against Russia for invading Ukraine, the cabinet said on Friday, keeping the country in line with EU measures it has decided to embrace in a departure from its traditional neutrality.
The decision means the export of goods and related services for the Russian energy sector is now prohibited, the government said in a statement.
"Also prohibited is the participation in businesses active in the energy sector and the provision of loans or other financial resources to such businesses," it added.
Under the measures that take effect at 2200 GMT, imports of iron and steel goods from Russia or originating in Russia are banned, as is the export of luxury goods and maritime navigation goods to Russia.
In the financial sector, transactions with certain state-owned companies and the provision of credit rating services are prohibited.
"This means that all measures contained in the EU's fourth package of sanctions have been implemented," the government said.
It added it had decided not to implement the EU measure of March 1 blocking Russian media outlets Sputnik and Russia Today.
"Despite the fact that these outlets are used to spread targeted propaganda and disinformation by the Russian Federation, the Federal Council is of the opinion that it is more effective to counter untrue and harmful statements with facts instead of preventing them from being broadcast," it said.
(Reporting by Michael Shields, editing by John Revill and Toby Chopra)
