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 first 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 package of sanctions, which was further updated with additional targeted sanctions on 16 March 2022. Subsequent additional sanctions, including new targeted sanctions, were adopted on 25 March, 13 April, 27 April, 3 May, 10 June and 29 June 2022. On 3 August 2022, Switzerland introduced the latest package of sanctions and, on 16 August 2022, imposed additional targeted sanctions.
The applicable Swiss sanctions are set out in the Ordinance on measures related to the situation in Ukraine (SR 9220.127.116.11) (“Russia Sanctions Ordinance”). Sanctions imposed by Switzerland generally fall within one of the four broad categories: trade restrictions, measures related to specific areas, financial sanctions and other restrictions.
Related insightsSign up for updates