Ukraine: Further measures to prevent circumvention of sanctions

Bern, 12.11.2014 - In view of the situation in Ukraine, and following decisions taken by the EU, the Federal Council today decided to adopt further measures to prevent the circumvention of international sanctions. It amended the relevant ordinance of 27 August 2014 to take account of the reinforced sanctions imposed by the EU in September. The revised ordinance enters into force at 6 pm today.

The Federal Council reiterated that Switzerland must not be used to circumvent EU sanctions. It is continuing to pursue its current policy and today amended the Ordinance on measures to prevent the circumvention of international sanctions in relation to the situation in Ukraine, so as to apply the necessary measures to prevent circumvention of the latest EU sanctions.

In the field of finance, trade in new financial instruments with a maturity exceeding 30 days (previously: exceeding 90 days) issued by five Russian banks and six companies, and the granting of loans with a maturity exceeding 30 days to those five banks and six companies, are subject to authorisation. Secondary trading in newly issued financial instruments from outside Switzerland and the EU with a maturity exceeding 30 days is subject to a duty to notify. Twenty-four names have been added to the existing list of persons and companies with whom financial intermediaries are prohibited from entering into new business relationships with, and whose existing business dealings are subject to a duty to notify.

With regard to specific military goods and dual-use goods subject to licence, the provision of services or technical assistance to nine newly listed mixed companies in Russia are subject to a duty to notify. Services in connection with aerospace are exempt. Certain services necessary for deep water oil exploration and production, arctic oil exploration and production and shale oil projects in Russia are subject to a duty to notify.

The Federal Council continues to monitor the situation in Ukraine closely and reserves the right to take further measures depending on how the situation develops.


Address for enquiries

Isabel Herkommer, press spokesperson SECO, Tel. 058 465 03 49


Publisher

The Federal Council
https://www.admin.ch/gov/en/start.html

Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch

Last modification 03.10.2018

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