The Swiss Federal Council continues aligning the Swiss sanctions regime to the EU sanctions against Russia. On November 23, 2022, the Swiss Federal Council adopted the latest measures adopted by the European Union (EU) as part of its eighth package of sanctions. The new sanctions include bans on the provision of certain services (IT, engineering, architecture, legal services) to the Russian government and to Russian companies, as well as on holding seats on the boards of certain Russian state-owned companies. Further, a full ban is introduced on the provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets, as well as certain amendments to the commercial restrictions (incl. oil price cap mechanism).

1. Introduction

On November 23, 2022, the Swiss Federal Council introduced additional restrictions with a view to mirroring the 8th package of sanctions imposed by the EU on October 6, 2022. The corresponding amendments to the Ordinance on measures in connection with the situation in Ukraine ("UKRO")1 entered into force November 23, 2022 at 18:00 CEST.

In particular, the new measures include the following restrictions:

  • on the provision of services (IT, engineering, architecture, legal services) to the Russian government and to Russian companies;
  • on holding seats on the boards of certain Russian state-owned companies;
  • on provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets; as well as
  • certain amendments to the commercial restrictions, in particular additional restrictions on additional iron and steel products, aerospace goods and goods of economic importance to Russia, as well as a price cap mechanism for Russian oil.

Further, the exemptions to restrictions on accepting deposits and crypto-assets (Article 20 (1) and (2) UKRO), on central depositories providing certain services (Article 22 UKRO), on sale of transferable securities (Article 23 UKRO), on trusts (Article 28d UKRO), as well as on provision of certain services (Article 28e UKRO) were extended to include British nationals and holders of temporary or permanent permit in the United Kingdom.

In parallel, on November 23, 2022, the State Secretariat for Economic Affairs (SECO) published an amended version of its clarifications in the form of "frequently asked questions" (FAQ) document2, inter alia to include frequently asked questions in relation to Articles 12, 14a, 14c, 15 and 28b UKRO.

The below provides a summary overview of the most notable restrictions in force today. The corresponding changes introduced since our last up-date are highlighted in red.

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Footnotes

1. A free English translation and a redline against the version of August 31, 2022 are available, respectively here and here.

2. A free English translation and a redline against the version of August 31, 2022 are available, respectively here and here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.