On 6 March 2015 Switzerland updated the measures that it introduced to prevent circumvention of international sanctions against Russia. At present the Ordinance is only available in the official languages of the Swiss Confederation (see here for the German and French versions), although a press release is available in English (see link below). The amendment came into force on 6 March 2015 at 18:00.

In brief:

  • The Swiss Federal Council has added the measures decreed by the EU in December 2014 following non-recognition of the annexation of the Crimea and Sevastopol to the ordinance on international sanctions of 27 August 2014. All foreign investment in the Crimea and Sevastopol is now prohibited. Service bans apply in the investment and tourism branches, and in some other economic sectors. The existing ban on the export of key goods to the Crimea and Sevastopol has been extended to include further articles. In addition, the measures have been made more precise to accord with adjustments made to the EU sanctions.
  • The Federal Council has also added to Annex 3 of the ordinance the names of 28 further persons and entities who have had financial and travel restrictions imposed on them in the EU. Anyone in Switzerland with an existing business dealings with any of these entities is required to report this relationship.
  • Swiss territory may not be misused to circumvent EU sanctions. The Federal Council is continuing current policy and taking measures necessary to prevent circumvention of the latest EU sanctions.

Press release: Situation in Ukraine: Federal Council extends measures to prevent the circumvention of sanctions