Financial Crime World

Switzerland Imposes New Financial Sanctions on Russia Amid Ongoing Conflict in Ukraine

Bern, January 31 - Switzerland Aligns with EU’s 12th Package of Sanctions

The Swiss Federal Council has adopted additional sanctions against Russia in response to its continued military aggression against Ukraine. These measures bring Switzerland in line with the European Union’s (EU) 12th package of sanctions, which was introduced in December 2023.

New Sanctions Take Effect on February 1

The new sanctions will take effect on February 1 and include a phased ban on the purchase and import of Russian diamonds. Additionally, trade controls will be implemented on goods that generate significant revenue for the Russian state. The list of prohibited goods has been expanded to include:

  • Pig iron
  • Liquified petroleum gas (LPG)
  • Chemicals
  • Lithium batteries
  • Machine tools

Financial Sector Measures

Russian nationals and individuals living in Russia will be banned from controlling companies in Switzerland that provide crypto-asset services. Furthermore, new measures have been introduced to support enforcement of the oil price cap for Russian crude oil and petroleum products, including:

  • Reporting requirements for tankers
  • Authorisation requirements for tankers

Services Sector Measures

A ban has been imposed on providing software for enterprise management and industrial design and manufacture to Russian companies. However, exceptions will be made for subsidiaries of Swiss companies.

The Federal Council has also instructed its authorities to examine whether Switzerland should introduce a notification requirement for transfers of funds out of the country from companies controlled by Russians or entities established in Russia.

Sanctions History

Switzerland has already placed 1,422 individuals and 291 organisations under sanctions since the start of Russia’s military aggression against Ukraine. With these new measures, the country aims to increase its impact on Russia’s economy and support international efforts to bring an end to the conflict.

Contact Information

For further information, businesses can contact:

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