On 13 March 2026, the European Commission published a new set of Frequently Asked Questions (“FAQs”, accessible here) clarifying the scope and application of EU sanctions restrictions on the provision of payment services under Article 5b(2) of Council Regulation (EU) No 833/2014, as amended (the “EU Russia Sanctions”). Article 5b(2) of the EU Russia Sanctions prohibits the provision of certain payment services to Russian nationals and natural and legal persons, entities and bodies in Russia…
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…
On 5 January 2026, Switzerland imposed an immediate freeze on any assets held in Switzerland by former Venezuelan President Nicolás Maduro and the politically exposed persons (PEP) associated with him (see the press release here). This follows Nicolás Maduro’s capture by US forces. Members of the current Venezuelan government are not affected by this asset freeze. The asset freeze is stipulated in the newly released Ordinance on the freezing of assets in connection with Venezuela (Venezuela…
On 12 December 2025, the Swiss Federal Council announced the expansion of its sanctions lists against Russia and Belarus (see press release here). With this expansion, Switzerland has partially implemented the measures adopted by the EU under its 19th sanctions package. The updated Ordinance on Measures in Connection with the Situation in Ukraine (“Ukraine Ordinance”; see link here) entered into force on 13 December 2025. Following established procedure, the Federal Department of Economic Affairs, Education…