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March 30, 2023: Switzerland adjusts Russia sanctions for humanitarian exceptions, remainder of 10th EU tranche


30 March 2023 

International sanction 


Updated sanction report

The Federal Council on the 29th. March 2023 further sanctions against Russia came into effect. He has amended the Ordinance on Measures in Connection with the Situation in Ukraine (SR 946.231.176.72) for this purpose.

Per 29. In March 2023, the Federal Council will take over the remaining measures of the tenth package of sanctions. In addition to adjustments to the reporting obligations in the financial sector (in particular with a subject to transactions before sanctioning, assets of the Central Bank of the Russian Federation), these measures include the prohibition of Russian nationals from exercising a function in the governing bodies of owners or operators of critical infrastructures, as well as tightening in the goods sector. Specifically, these tightenings include new controls and restrictions on the export of various goods, including dual-use goods, goods for military and technological strengthening or for the development of the defense and security sector, goods that contribute to strengthening Russian industry, and goods for aerospace. The import of goods that are economically important for Russia will also be further restricted.

Furthermore, the Federal Council has decided on an adjustment in the area of humanitarian exceptions. Finally, the Federal Council creates the possibility of being able to approve the provision of funds or economic resources to sanctioned natural persons, companies or organizations in individual cases if the protection of Swiss interests requires this.

The changes are on the 29th. March 2023 came into force at 8 p.m.

In accordance with the provisions of the regulation, the financial intermediaries are asked to implement the prohibitions, to block the assets of the sanctioned persons and to report the affected business relationships to SECO. The notification to SECO does not exempt a financial intermediary from making additional clarifications in the event of suspicion in accordance with Art. 6 AMLA and, if he cannot clear them out, immediately report to the Reporting Office for Money Laundering in accordance with Art. 9 of the Money Laundering Act.

FINMA Notice


FINMA Notice

Categories: EU Updates FINMA Updates Humanitarian Aid Russia sanctions SECO Updates


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