Switzerland supports EU sanctions

29.08.2014

Swiss Federal Council adopted a decision, which will prevent the circumvention of sanctions, adopted by European Union with regards to Russia.

Thus, with accordance with the decision of Federal Council, issues of long term financial instruments by five Russian banks will be made subject to authorization from Swiss authorities. The subsidiaries of these Russian banks in Switzerland are exempt from the authorization requirement as long as they are not acting on behalf of, or on the instructions of their parent companies.

The list of non-desired persons was added up by 11 names.

The Federal Council has imposed a ban on imports and a ban on exports of certain key goods from Crimea, as well as restrictions on investments for Crimea and Sevastopol.

Source: http://www.eda.admin.ch/eda/en/home/recent/media/single.html?id=54221

Expert’s opinion

This is it… After the imposing the sanctions on Russia Switzerland automatically is under the food embargo from Russian Federation.

No more Swiss cheese with biiiiig holes! No more Swiss chocolate and watches that civil servants so like to wear.

Also Swiss ammunition in the form of real Swiss knifes is not available now, and it can be now regained probably only as a trophy.

The ban of long term financial instruments is the punch for oligarchs. The ordinary people have nothing to worry about!

But business that run away from Cyprus to Swiss holdings shall again think about its corporate rights. Or about obtaining the residence permit in the country, against which Switzerland does not impose sanctions.

Yaroslav Lomakin ( Managing Partner, Honest&Bright)