On February 25, 2022 the Swiss Federal Department of Economic Affairs, Education and Research EAER modified Annex 3 of the Ordinance on measures to prevent the circumvention of international sanctions in relation to the situation in Ukraine. These modifications enter into force at 6pm today. Annex 3 (Prohibition of new business relationships) is being extended in accordance with several decisions taken by the EU. This is to prevent a circumvention via Swiss territory of the targeted sanctions adopted by the EU on 21 and 23 February. Financial intermediaries in Switzerland are now prohibited from entering into new business relationships with the 363 newly added individuals and 4 corporate entities. At the same time, financial intermediaries are obliged to immediately report existing business relationships with these individuals, companies and organisations to the State Secretariat for Economic Affairs SECO.
Further steps to tighten these measures are currently being prepared. The Federal Council has also taken note of the other sanctions that the EU imposed against the Russian Federation on February 23, 2022. A further adjustment of the Ordinance on measures to prevent the circumvention of international sanctions in relation to the situation in Ukraine is currently being prepared.