Switzerland on Wednesday approved the eighth package of sanctions against Russia, which includes imposing a “ceiling” on Russian oil prices.

“The Swiss Federal Council adopted the next sanctions against Russia on November 23. The Council approved the measures adopted by the European Union as part of the eighth package of sanctions,” reads a document published on the Federal Council’s website.

“The sanctions include a legal basis for imposing a “ceiling” on the prices of Russian oil and oil products, as well as restrictions on iron and steel goods, aerospace products and goods of economic importance to Russia,” the statement emphasizes.

It is specified that the sanctions will come into force at 18:00 Wednesday local time (20:00 Moscow time).

The new measures also include a ban on providing Russian authorities and companies with IT, engineering, architectural and legal services. In addition, a ban is imposed on Swiss citizens from holding managerial positions in certain companies owned by the Russian Federation.

The document notes that on October 12, the Swiss authorities added 30 more individuals and legal entities to the sanctions lists on Russia.

The EU adopted the eighth package of sanctions with similar measures on October 6.