May 2022

The Swiss Federal Council continues aligning the Swiss sanctions regime to the EU sanctions against Russia. Switzerland has adopted the 4th wave of EU sanctions on March 25, 2022 and the 5th wave on April 27, 2022. The new measures include far-reaching sanctions on goods, including a ban on imports of lignite and coal as well as on goods that are important sources of revenue for Russia (e.g., timber, cement, seafood, caviar). In addition, there are export bans on goods that can help strengthen Russia's industrial capacities (e.g., industrial robots or certain chemical products). Further sanctions cover the financial sector: with immediate effect, crypto-asset services above a certain threshold and trust services may no longer be provided to Russian nationals or natural or legal persons resident in Russia.