Switzerland updates sanctions in connection with the situation in Ukraine

On 28 June 2023, the Federal Department of Economic Affairs, Education and Research (EAER) has expanded the sanctions listings concerning Russia and amended the Swiss Ordinance on Measures in Connection with the Situation in Ukraine. The new measures entered into force on 28 June 2022 at 6 p.m.

According to the Federal Council’s press release, Switzerland is thus adopting the sanctions on additional individuals and entities decided by the European Union (EU) on 23 June 2023 as part of its 11th sanctions package. The EU has also imposed new measures further tightening the existing sanctions against Russia and introducing new measures aimed at preventing the circumvention of sanctions. Furthermore, the EU imposed financial and travel sanctions on an additional 71 individuals and 33 entities. Also sanctioned are members of the Russian armed forces, leading representatives of state-controlled Russian media and members of the Wagner Group. The assets of these individuals and entities in Switzerland must be frozen and reported to the State Secretariat for Economic Affairs (SECO). The individuals concerned will also be prohibited from entering or transiting Switzerland.


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