The new sanctions primarily involve a ban on buying, importing, or transporting gold and gold products from Russia.

Services in connection with these goods are also prohibited, the Council said, adding that it has made two exceptions for transactions related to agricultural products and oil supplies to third countries in order to avoid any disruptions in payment channels.

The Swiss economics ministry said Wednesday that Russia's largest bank, Sberbank, has had its assets frozen and is now banned from providing money, economic resources, or technical services.