On 26 September 2022, the Swiss Department of Economic Affairs, Education and Research amended Annex 8 of the Swiss Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance”). The amended annex entered into force on 27 September 2022 at 18:00 CET. This modification removed eleven individuals from Annex 8 of the Ordinance and thus no longer subjects them to an asset and economic resource freeze pursuant to article 15 of the Ordinance. The…

On 31 August 2022, the Swiss Federal Council decided on the implementation of further EU sanctions (namely the remaining measures of the seventh sanctions package), revising the Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance“) accordingly. These amendments render the Swiss sanctions again in line with the EU sanctions, including on already previously adopted but not yet implemented measures. The amended Ordinance entered into force on 31 August 2022 at 18:00 CET.…

On 3 August 2022, the Swiss Federal Council decided on the partial implementation of the substantive amendments to the EU sanctions (i.e. the seventh sanctions package), revising the Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance“) accordingly. The amended Ordinance entered into force on 3 August 2022 at 18:00 CET. In summary, these latest amendments include: A new prohibition to purchase as well as to import, transfer or transport, directly or indirectly,…

On 29 July 2022, the Swiss Department of Economic Affairs, Education and Research amended multiple annexes of designated individuals and entities and goods targeted by the restrictive measures under the Russia sanctions. With this latest revision of the Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance”), Switzerland has again aligned its position with the EU in terms of designated parties and listed goods. The amended annexes entered into force on 29 July…