Further aligns its sanctions regime against the Russian Federation with the European Union's
31 Aug 2022
On 31 August 2022, the Swiss Federal Council extended the sanctions against the Russian Federation. The new measures further aligned its sanctions regime to the measures adopted by the European Union and can be summarized as follows:
- Extension of the prohibition to accept deposits to companies residing outside Switzerland, whose ownership rights (more than 50 per cent) are held by Russian nationals or natural persons residing in the Russian Federation;
- Ban on awarding public or concession contracts to Russian nationals and legal entities including in the capacity of subcontractors or suppliers, where they account for more than 10% of the contract value.
These provisions came into force on 31 August 2022.
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Type:
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Entry and establishment (Other)
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Industry:
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Not industry specific
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Services (Financial and insurance activities)
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Sources:
