November 2022

The Swiss Federal Council continues aligning the Swiss sanctions regime to the EU sanctions against Russia. On November 23, 2022, the Swiss Federal Council adopted the latest measures adopted by the European Union (EU) as part of its eighth package of sanctions. The new sanctions include bans on the provision of certain services (IT, engineering, architecture, legal services) to the Russian government and to Russian companies, as well as on holding seats on the boards of certain Russian state-owned companies. Further, a full ban is introduced on the provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets, as well as certain amendments to the commercial restrictions (incl. oil price cap mechanism).