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Switzerland adds additional trade measures to its Ukraine-related sanctions

News

30 June 2022 

International sanction

Updated sanction report

The Federal Council on the 29th June 2022 further sanctions against Russia have been put into effect. He has amended the regulation on measures related to the situation in Ukraine (RS 946.231.176.72).

In the financial sector, the provision of services such as audits or public relations and management consulting to the Russian government or legal entities and entities established in Russia is now prohibited. In addition, various existing measures have been supplemented or clarified with new exemptions. In particular, the prohibitions on the provision of services to trusts have been completed.


The new measures include an embargo on crude oil and certain petroleum products from Russia. The embargo provides for a ban on the provision of services, including insurance and reinsurance services for the transport of oil and certain petroleum products from Russia, regardless of destination.


The changes are on the 29th. June 2022 at 6 p.m.


In accordance with the provisions of the regulation, financial intermediaries are asked to implement the prohibitions, block the assets of the sanctioned persons and to report the business relationships concerned to SECO. The notification to SECO does not exempt a financial intermediary from providing additional clarifications in accordance with Art. 6 AMLA and if he cannot eliminate them, to report immediately to the reporting office for money laundering in accordance with Art. 9 of the Anti-Money Laundering Act.

Links:

FINMA Notice

Categories: FINMA Updates Russia sanctions SECO Updates Ukraine sanctions

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