Judgment 4A_537/2025 of 28 April 2026 In its recent judgment 4A_537/2025 of 28 April 2026, the Swiss Federal Supreme Court upheld the judgment of the Commercial Court of the Canton of Zurich of 17 September 2025 (HG230210-O) and provided important guidance on the interpretation of Swiss sanctions laws – specifically on the asset freeze and reporting obligations imposed on financial institutions holding or managing funds. The Swiss Federal Supreme Court clarified, first, the evidentiary threshold…
On 22 May 2026, the Swiss Federal Council announced the expansion of its sanctions lists against Russia and Belarus (see press release here). With this step, Switzerland has partially implemented the measures adopted by the EU under its 20th sanctions package. The corresponding amendments to the Ordinance on Measures in Connection with the Situation in Ukraine (“Ukraine Ordinance”) and the Ordinance on Measures against Belarus (“Belarus Ordinance”) entered into force on 22 May 2026. Following…
On 3 March 2026, the Swiss Federal Supreme Court delivered a notable decision addressing the interplay between foreign sanctions regimes and Swiss law relating to the mandate of Swiss bank PostFinance to ensure access to basic payment services under Swiss public law. PostFinance acted as appellant in the proceeding before the Swiss Federal Supreme Court (the PostFinance Decision is available here; the respective press release published by the Swiss Federal Supreme Court is available here).…
On 25 February 2026, the Swiss Federal Council adopted extensive amendments to the Ordinance on Measures in Connection with the Situation in Ukraine (the “Ukraine Ordinance”), thereby completing the implementation of the EU’s 19th sanctions package against Russia (see press release here). This final step follows the initial implementation step taken on 12 December 2025, when the Swiss Federal Council updated several annexes to the Ukraine Ordinance as a consequence of the same package (see…