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.
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.
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
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Switzerland adopts tenth sanctions package against Russia
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The government is implementing additional European Union sanctions against Russia but wants to limit any unintended consequences on Swiss businesses.
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The government has again expanded its list of sanctions against Russia to include the paramilitary Wagner Group and the news agency RIA FAN.
Only two Swiss violations of Russian sanctions fined so far
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Out of 126 shipments reported by the Swiss customs for violating sanctions against Russia only two have incurred penalties.
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