Swiss sanctions against Russia – Further implementation of the EU 14th Sanctions Package
Swiss sanctions against Russia – Further implementation of the EU 14th…
In a continued effort to align with European Union ("EU") sanctions, on 16 October 2024, the Swiss Federal Council implemented most of the outstanding measures from the EU 14th sanctions package, with certain adjustments reflecting Switzerland's own legal and economic considerations. Notably, Switzerland chose not to implement EU equivalent measures related to foreign subsidiaries of Swiss companies, a key point of divergence from the EU framework. The new restrictions, which primarily focus on export controls, financial services and maritime regulations came into force on 17 October 2024.