Switzerland’s State Secretariat for Economic Affairs (SECO) has published updated sanctions measures against Russia, revising Annex 2 and 14a of the 2022 ordinance on measures related to the Ukraine situation.
The amendments, effective immediately, expand restrictions on trade and financial transactions involving Russia, according to a notice published on Friday. The ordinance, originally enacted on March 4, 2022, has been periodically adjusted to reflect evolving geopolitical and policy developments.
The revised annexes introduce stricter controls on exports and imports, as well as enhanced due diligence requirements for financial institutions handling transactions linked to Russia. The updates follow recent international sanctions frameworks and aim to align Swiss measures with broader Western policy objectives.
Swiss authorities have not provided further details on the specific scope of the changes, but the revisions signal a tightening of existing restrictions. The ordinance remains in force under the legal framework of SR 946.231.176.72, which governs Switzerland’s sanctions regime in response to the Ukraine conflict.
