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February 16, 2023: Switzerland implements the latest Russian sanctions oil price cap.


16 February 2023 

International sanction 


Updated sanctions report

The Federal Council on the 15th. Further sanctions against Russia came into force in February 2023. He has amended the regulation on measures relating to the situation in Ukraine (RS 946.231.176.72).

The Federal Council on the 15th. February 2023, the sanctions taken in connection with crude oil and petroleum products against Russia, thus adopting the last sanctions imposed by the European Union (EU). Newly, the trade, mediation and transport of, for example, heating oils from Russia or Russian origin are only permitted if the price per barrel does not exceed 45 USD. For gasoline, diesel or petroleum, a price cap of 100 USD per barrel applies.

The changes are on the 15th. February 2023 at 6 p.m.

In accordance with the provisions of the regulation, financial intermediaries are invited to implement the prohibitions, block the assets of the sanctioned persons and report the affected business relationships to SECO. The notification to SECO does not exempt a financial intermediary from making additional clarifications in accordance with Art. 6 AMLA in the event of suspicion 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.

FINMA Notice


FINMA Notice

Categories: FINMA Updates Oil Price Cap Russia sanctions SECO Updates


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