Bern, 16.03.2022 – Federal Councillor Guy Parmelin, the head of the Federal Department of Economic Affairs, Education and Research (EAER) today approved the sanctioning of over 200 further individuals and entities in connection with serious violations of international law by Russia in Ukraine. Switzerland’s list of sanctioned individuals and entities now fully mirrors that of the EU.
Under the Embargo Act, responsibility for updating the sanctions list rests with the EAER, which today amended Annex 8 of the Ordinance on Measures connected with the Situation in Ukraine. A further 197 individuals are now subject to financial sanctions and travel restrictions and 9 additional entities are now subject to financial sanctions. Among those individuals are further oligarchs and prominent businesspeople. Assets in Switzerland belonging to these individuals must be frozen and reported to the State Secretariat for Economic Affairs (SECO). The amendment comes into force at midday on 16 March.
In making this amendment, Switzerland has adopted the EU’s latest changes in respect of sanctioned individuals and entities published by the European Council on 15 March. Switzerland’s list of sanctioned individuals and entities now fully mirrors that of the EU.