On 23 November 2022, the Federal Council adopted the substantive measures within the eighth EU sanctions package, revising the Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance“) accordingly. The revised Ordinance entered into force on 23 November 2022 at 18:00 CEST. This follows the implementation of additional designated parties to Annex 8 of the Ordinance in accordance with the EU designations on 12 October 2022 and subsequently 1 November 2022, whereby one…

On 31 October 2022, the Swiss Department of Economic Affairs, Education and Research (the “EAER”) introduced three Iranian individuals and one organisation to Annex 8 and thus subjected them to an asset and economic resource freeze pursuant to Article 15 of the Swiss Ordinance on Measures connected with the Situation in Ukraine (the “Ukraine Ordinance”). This inclusion is again in line with the actions taken by the EU on 20 October 2022. The amended annex…

On 12 October 2022, the Swiss Department of Economic Affairs, Education and Research (the “EAER”) amended Annex 6 and Annex 8 of the Swiss Ordinance on Measures connected with the Situation in Ukraine (the “Ordinance”). The amended annexes entered into force on 12 October 2022 at 18:00 CET. There were no substantive amendments to the Ordinance yet, but consultation has been initiated, leading to a proposal to Swiss government. The modification introduced 30 individuals and…

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…