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On 6 March 2015, the Federal Council decided to extend its measures to prevent the circumvention of international sanctions in view of the situation in Ukraine, The action followed decisions taken by the EU. It added the measures decreed by the EU last December following non-recognition of the annexation of the Crimea and Sevastopol to the ordinance on international sanctions of 27 August 2014. The Federal Council 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. The amended ordinance with supplemented annexes came into effect at 6 pm on 6 March. According to the Federal Council’s announcement:
The Federal Council once again stressed that Swiss territory may not be misused to circumvent EU sanctions. It is continuing to pursue its current policy and today made amendments to the ordinance on the circumvention of international sanctions in relation to the situation in Ukraine. The Federal Council is thus taking measures necessary to prevent circumvention of the latest EU sanctions.
This decision by the Federal Council extends the measures introduced following Switzerland’s non-recognition of Russia’s annexation of the Crimea, an act which contravenes international law. 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.
Furthermore, 28 names have been added to the existing list of individuals and businesses with whom financial intermediaries may no longer enter into new business relationships. Anyone in Switzerland with an existing business dealings with any of these entities is required to report this relationship (Annex 3 of the ordinance).
The Federal Council is continuing to monitor the situation in Ukraine closely and reserves the right to introduce further measures.
For additional information on the Swiss measures, please contact Philippe M. Reich of our Zurich office.
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