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November 25, 2022: Switzerland imposes remainder of 8th round of EU Russia sanctions

NEWS

25 November 2022 

International sanction 

2022

Updated sanction notification

The Federal Council on the 23rd. November 2022 further sanctions against Russia came into force. To this end, he amended the Ordinance on Measures relating to the Situation in Ukraine (RS 946.231.176.72).

As of 23. November 2022, the Federal Council will take over the remaining measures of the 8th. Sanction package. These include a legal basis for the introduction of price caps for Russian crude oil and oil products (oil price cap) as well as restrictions on other iron and steel products, aerospace goods and economically important goods for Russia. The measures also include prohibitions on the provision of other services (IT, engineering, architecture, legal advice) to the Russian government and Russian companies as well as the residence on governing bodies of certain state-owned Russian companies. In addition to adopting the measures of the eighth sanctions package of the EU, the Federal Council has also issued an arms embargo (including corresponding financial services, granting of financing as well as the provision and brokerage of insurance and reinsurance) against Russia, which is also partially extended to Ukraine for reasons of Swiss neutrality.


The changes are on the 23rd. November 2022 at 6 p.m.


In accordance with the provisions of the regulation, financial intermediaries are required to implement the prohibitions, block the assets of the sanctioned persons and 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 dispel it, to report immediately to the reporting office for money laundering in accordance with Art. 9 of the Anti-Money Laundering Act.

FINMA Notice

Link:

FINMA Notice

Categories: Russia sanctions SECO Updates

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