Switzerland expands its measures to prevent the circumvention of international Ukraine-related sanctions
On 27 August 2014, the Swiss Federal Council adopted additional measures to prevent Swiss territory being used as a channel to circumvent international sanctions in connection with the situation in Ukraine. To that end, the Federal Council has revised its ordinance dated 2 April 2014 to take into account the new sanctions implemented by the EU in July 2014. The new ordinance contains restrictions of commerce regarding dual-use goods and specific military goods, goods for the oil industry and the import and export of goods from/to Crimea and Sevastopol. It also introduces new financial restrictions regarding financial instruments of certain Russian banks as well as the financing of infrastructure projects in Crimea and Sevastopol.
The purpose of this briefing is to provide high-level information as regards the background as well as the contents of the latest measures adopted by Switzerland in the context of the Ukraine-related crisis.
In reaction to the recent developments relating to Ukraine, both the US and EU authorities adopted a first set of restrictive measures in March 2014…
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