Swiss increase measures against Russia

Services to the Russian oil exploration sector have to be reported to the Swiss authorities under the new measures Keystone

This content was published on November 13, 2014 - 12:42

The Swiss government introduced new measures to ensure that the country is not used by Russian officials and companies to circumvent international sanctions for Russia’s role in the Ukraine crisis. The measures are effective from Wednesday.

Switzerland will continue to follow a policy, seen by some as controversial, of not directly implementing sanctions on Russia, but instead preventing certain transactions that would otherwise allow mainly Russians to bypass blocks to business put in place by the EU and internationally.

A total of 24 new names have now been added to the Swiss blacklist that prohibits conducting any new business and requires the reporting any existing business dealings with these entities.

Specific restrictions on five Russian banks and companies were tightened and certain loans made subject to authorisation. Provision of military-related goods to nine newly listed Russian companies also has to be reported. Reporting obligations for any services rendered to Russia’s oil exploration sector have also been introduced.

The EU sanctions were first brought in when Russia annexed Crimea in March.

Numerous individuals and business have been blacklisted by Switzerland since May, with more names added in August. It meant that they could not begin new business deals with Swiss financial entities, and any existing business relations had to be reported.

Existing bank accounts were to be frozen and those listed, unable to enter Switzerland.

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