As previously reported, further to a statement published by the Swiss Federal Council on 26 March 2014 that Switzerland will take the necessary measures to ensure that their territory cannot be used to circumvent the sanctions imposed by the international community, the Federal Council has now added 26 individuals and 18 entities to the Annex to the Swiss Ordinance dated 2 April 2014 on measures to prevent the circumvention of international sanctions connected with the situation in Ukraine. This is the second time that Switzerland has targeted entities (i.e., after it added PJSC Chernomorneftegaz and Feodosia to the list on 20 May 2014). The total number of listed individuals is now 87 and there are also 20 listed entities.
By way of a reminder, these restrictions mean that financial intermediaries based in Switzerland may no longer enter into new business relationships with the listed individuals and entities. In addition, existing business relationships may remain in effect, but now require notification of the existence of the relationship to be submitted to the State Secretariat for Economic Affairs.
These additional individuals and entities have all been listed by the EU as designated parties.
The Swiss consolidated list of targets in this context is available here.
