UPDATE — Switzerland Imposes Sanctions Targeting Russia
In response to Russia’s military aggression against Ukraine and following the adoption by the European Union of sanctions targeting Russia, the Federal Council of Switzerland introduced a package of sanctions on 28 February 2022 severely restricting economic relations with Russia, and with selected Russian entities and persons. On 4 March 2022, Switzerland approved a second set of sanctions, which was further updated with additional targeted sanctions on 16 March 2022. On 25 March 2022, the latest set of sanctions was published. The applicable sanctions are set out in the Ordinance on measures related to the situation in Ukraine (SR 9220.127.116.11) (“Russia Sanctions Ordinance”).
The sanctions adopted by Switzerland largely follow those adopted in recent weeks by the European Union but are not identical. For the applicable EU sanctions, see our Client Alert of 17 March 2022.
This Client Alert provides an overview of the relevant sanctions imposed by Switzerland as of 25 March 2022.