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SECO publishes updated Russia sanctions – specifically about the oil price cap

NEWS

19 December 2022 

International sanction 

2022

Updated sanction notification

The Federal Council on the 16th. December 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).

In view of the ongoing military aggression against Ukraine and the further destabilization of the country by Russia, the EU on the 3rd December 2022 new provisions regarding a price cap for crude oil and petroleum products from Russia (oil price cap) were adopted. For example, the EU has also extended the existing transport ban on these goods, which applies if they are sold at a price above the upper limit, to trade and brokerage. On the 16th In December 2022, the Federal Council decided to accept these changes in full. In connection with the aforementioned services, there is also a ban on the provision of financial services and the granting of financial resources.

The changes are on the 16th. December 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 making additional clarifications in the event of suspicions in accordance with Art. 6 AMLA and, if he cannot dispel them, to report them immediately to the Money Laundering Reporting Office in accordance with Art. 9 of the Anti-Money Laundering Act.

FINMA Notice

Link:

FINMA Notice

Categories: Oil Price Cap Russia sanctions SECO Updates Ukraine sanctions

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