Switzerland updates sanctions in connection with the situation in Ukraine
On 31 August 2022, the Swiss Federal Council adapted certain sanction measures against Russia. In doing so, the Federal Council adopted the latest EU measures. The new Swiss measures entered into force at 6 p.m. on 31 August 2022.
In response to Russia’s ongoing military aggression in Ukraine, the EU had adopted new sanctions measures on 21 July 2022. On 3 August 2022, the Federal Council decided to implement certain measures of the EU’s package whose adoption was judged to be urgent in terms of time or material, such as the ban on purchasing gold and gold products from Russia. As of 31 August 2022, the Federal Council adopts the technical measures for maintenance and adjustment. In particular, existing sanctions were adapted, such as the ban on accepting deposits or bans in connection with rating services, as the Federal Council announced in its press release.
In addition, following an in-depth examination by the competent bodies, the prohibitions envisaged by the EU regarding the award of public contracts to Russian nationals and organisations or institutions established in Russia were adopted. Russian nationals resident in Switzerland and Swiss companies owned by Russians are exempt from this ban.
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Thursday, 20 March 2025