Further sanctions against Russia and Belarus

In view of Russia’s ongoing military aggression in Ukraine, the Swiss Federal Council enacted on 27 April 2022 further sanctions against Russia and Belarus. This implements the Federal Council’s decision of 13 April 2022 to adopt the EU’s latest package of sanctions. The measures were implemented in the Ordinance on measures in connection with the on the situation in Ukraine (SR 946.231.76.2) and came into force at 6 p.m. on 27 April 2022.

The new measures include far-reaching sanctions on goods, including a ban on imports of lignite and coal as well as on goods that are important sources of revenue for Russia (e.g. timber, cement, seafood, caviar). In addition, there are export bans on goods that can help strengthen Russia’s industrial capacities (e.g. industrial robots or certain chemical products). Further sanctions also came into force in the financial sector: Support within the framework of a Swiss national programme of Russian organisations which are publicly owned or controlled are prohibited. Furthermore, trusts may no longer be registered in Switzerland for Russian nationals or natural or legal persons resident in Russia. Various services for such trusts are also prohibited.

As a result, Switzerland has now implemented most of the new EU measures against Russia according to theFederal Council’s press release. However, this excludes the EU bans concerning the award of public contracts to Russian nationals and organisations or entities established in Russia. The implementation of this ban would raise various questions about the allocation of competences between the Confederation and the Cantons and the scope of application. The Federal Council declared to have instructed the competent bodies on 27 April 2022 to carry out the necessary clarifications and to report back by the end of June 2022.

On the same date, the Federal Council also adopted an amendment to the Ordinance on measures against Belarus (SR 946.231.116.9). The bans on the export of banknotes and the sale of securities to Belarusian nationals or residents or entities are extended to all official currencies of EU Member States. Until now, only securities and banknotes in Swiss francs and in euros were affected. According to the Federal Council’s press release the same measure is also planned for Russia.

These are the upcoming dates for our Annual General Meetings:

Thursday, 21 March 2024
Thursday, 20 March 2025