September 2022

The Swiss Federal Council continues aligning the Swiss sanctions regime to the EU sanctions against Russia. On August 31, 2022, the Swiss Federal Council implemented the remaining technical EU maintenance and alignment measures, which mainly consisted of adjustments of existing measures, such as the ban on accepting deposits or the bans on credit rating services. Also, as anticipated, the EU prohibitions on awarding public contracts to Russian nationals or to entities or bodies established in Russia have also been adopted in Switzerland.