Criminal proceedings filed against violations of Russia sanctions
Almost a quarter of Swiss cases investigated for violations of sanctions against Russia have been referred for criminal proceedings.
The State Secretariat for Economic Affairs (SECO) has investigated 130 alleged attempts to circumvent sanctions against Russia following its attack on Ukraine. According to the head of SECO, 29 cases have resulted in administrative criminal proceedings.
In Switzerland, such cases of financial fraud fall under the Administrative Criminal Law Act which has different procedures compared to ordinary criminal law. For example, fines imposed can be much higher.
+ Switzerland defends Russia sanctions record
Half of these procedures carried out so far are enforceable, SECO director Helene Budliger Artieda stated in an interview published on Monday in the German-language newspapers of the Tamedia press group. Thirty-six cases have not led to any proceedings being opened. The remaining cases are still being examined.
According to the SonntagsZeitung paper, the Russian central bank’s assets in Switzerland amount to CHF10 billion. Official figures have not yet been released.
“We are trying to give a figure as soon as possible,” said the head of SECO. The deadline for reporting expired in April.
In March, Switzerland followed the lead of the European Union and adopted the tenth sanctions package against Russia.
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