The Swiss Financial Market Supervisory Authority (FINMA) published an update on Switzerland’s Russia-related sanctions after the Federal Council decided to align with the European Union’s 15th sanctions package and amended the Ordinance on Measures connected with the Situation in Ukraine. The changes add a prohibition on recognising and enforcing certain Russian court judgments that assert exclusive jurisdiction over disputes between Russian and Swiss companies, and extend various exemptions intended to enable an orderly withdrawal of Swiss investments from Russia. The update also notes that 54 individuals and 30 companies and organisations were added to Switzerland’s Russia sanctions list on 23 December 2024. Financial intermediaries must implement the prohibitions, freeze the assets of sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs (SECO); reporting to SECO does not remove the duty to carry out additional clarifications under Article 6 of the Anti-Money Laundering Act and, where suspicions cannot be dispelled, to file a report with the Money Laundering Reporting Office under Article 9. The amended measures enter into force on 13 February 2025.
Swiss Financial Market Supervisory Authority (FINMA) 2025-02-13
Swiss Financial Market Supervisory Authority outlines Switzerland’s alignment with the EU’s 15th Russia sanctions package and new ban on enforcing certain Russian court judgments
The Swiss Financial Market Supervisory Authority (FINMA) updated Switzerland's Russia-related sanctions, aligning with the EU's 15th sanctions package and amending the Ordinance on Measures connected with the Situation in Ukraine. Key changes include prohibiting recognition of certain Russian court judgments and extending exemptions for Swiss investment withdrawal from Russia. Additionally, 54 individuals and 30 entities were added to the sanctions list, requiring financial intermediaries to freeze assets and report to SECO.