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FINMA notice for the recent EU Russia sanctions changes


01 September 2022 International sanctions2022

Updated sanction notification

On August 31, 2022, the Federal Council put further sanctions against Russia into effect. To this end, he amended the ordinance on measures in connection with the situation in Ukraine (SR 946.231.176.72).

In response to Russia’s ongoing military aggression in Ukraine, the EU adopted new sanctions measures on July 21, 2022 (maintenance and adjustment package). As of August 31, 2022, the Federal Council will now take over the technical maintenance and adjustment measures. In particular, existing sanctions, such as the blocking of funds and economic resources, the ban on accepting deposits, or bans in connection with rating services, will be adjusted.

The changes came into effect on August 31, 2022 at 6:00 p.m.

In accordance with the provisions of the ordinance, the financial intermediaries are required to implement the bans, to freeze the assets of the sanctioned persons and to report the affected business relationships to SECO. The report to SECO does not release a financial intermediary from carrying out additional investigations in accordance with Article 6 of the Money Laundering Act in the event of suspicions and, if they cannot clear them up, from reporting immediately to the Money Laundering Reporting Office in accordance with Article 9 of the Money Laundering Act.


FINMA Notice

Categories: FINMA Updates Russia sanctions SECO Updates


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