Switzerland imposes sanctions on individuals following violations of international law in Ukraine

The head of the Federal Department of Economic Affairs, Education and Research (EAER) confirmed the sanctioning of more than 200 additional entities and individuals due to severe violations of international law in Ukraine by Russia, on March 16th 2022.

On this day, the EAER amended Annex 8 of the Ordinance on Measures connected with the situation in Ukraine. This action resulted in the full mirroring of the Swiss list of sanctioned entities and individuals, to the list of the EU. The newly designated individuals and entities are now subject to travel restrictions and financial sanctions. This move also requires the immediate freeze of assets in Switzerland belonging to such persons and introduces a reporting requirement to SECO. More information on the measures adopted by Switzerland on March 16th 2022 can be found here.