Switzerland Adopts EU Sanctions Against Russia

The Swiss Federal Council took the decision on February 28, 2022 to adopt sanctions against Russia mirroring the packages of sanctions imposed by the EU on February 23 and 25, 2022. The Federal Ordinance on measures to prevent the circumvention of international sanctions connected with the situation in Ukraine, which had been adopted in 2014, has been revised in an expedited manner to reflect the new scope and retitled as the Federal Ordinance instituting measures in connection with the situation in Ukraine on February 28, 2022 (the "Ordinance").

1. Introduction

On February 25, 2022, the Swiss Federal Council expanded the list of individuals and entities subject to restrictive measures, in line with the list adopted by the EU on February 23 targeting members of the Russian State Duma who voted for the recognition of independence of the Donetsk People's Republic and Luhansk People's Republic, and a number of Russian banks, individuals and entities considered