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During the day on February 28, 2022 and March 2, 2022, the recently tightened EU sanctions were again expanded and new decisions and regulations on restrictive measures in view of actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine and actions by Russia destabilizing the situation in Ukraine.
We have attached the newsletter of our PwC colleagues of the EU, Germany under this link specifying of the EU sanctions in more detail.
On March 4, 2022 the Federal Council approved the total revision of the ordinance on measures connected with the situation in Ukraine, thereby adopting further packages of European Union sanctions against Russia. The newly adopted measures concern in particular certain goods and financial services. Switzerland’s list of sanctions has been extended accordingly. The measures include, among other things:
Measures concerning specified areas
The implementation of these sanctions is compatible with Switzerland’s neutrality. Due consideration is being given to humanitarian activities.
Details under https://www.seco.admin.ch.
We are monitoring the current situation still with great concern, as there is a risk of significant further escalations. Sanctions in the form of import restrictions as well as export control restrictions can have an impact on your company.
Economic operators should continuously check what effects the existing sanctions have on their business, as misconduct will be punished with severe sanctions.
As already announced in the media, the new sanctions include the exclusion of some banks from the SWIFT message exchange for financial transactions. This is one of the most drastic sanctions that can be imposed with regard to an embargoed country. Due to the factual impossibility of making payments, it also restricts those business relationships that would have been possible in principle.
Therefore, check whether, and to what extent business with Russia or Russian parties is still possible. If necessary, the business processes must be adjusted immediately.
In this context, we support you in particular with the strategic definition of the derived requirements and the operational implementation.
This newsletter reflects the status as of March 04, 2022. We would like to point out that the situation is extremely dynamic and there may be short-term changes in the law.
As part of this newsletter, we will keep you informed of all further developments.