Russian Sanctions Compliance: Lessons Learned On EU And Swiss Regulations

Switzerland has frozen a staggering CHF 7.4 billion in assets belonging to Russian individuals. Furthermore, both EU and Swiss banks have effectively blocked billions of assets of Russian passport holders, even if they hold additional European citizenship or residence permits and are not on the sanctions list. The United States has also taken significant actions, designating numerous Russian individuals and imposing secondary sanctions on EU and Swiss banks.

Since February 2022, businesses face the challenge of continually changing sanctions regarding Russia from over 50 countries, including the European Union, Liechtenstein, and Switzerland. These sanctions have made it increasingly complex to ensure compliance.