Newsflash – New Swiss sanctions against Russia and Belarus enter into force

29 avril 2022 By Jonathon E. Boroski, Michael Neumann, Vivian Bertoluzzi, Vivien Altwegg

On 28 April 2022, the latest round of sanctions against Russia and Belarus entered into force in Switzerland (the “Swiss Ordinance”). These sanctions are based on the fifth sanctions package introduced by the European Union (“EU”) on 8 April 2022. This update provides an overview of the most recent Swiss Ordinance, its most relevant departures from the EU regulations and highlights the prohibition concerning trusts, which will be of particular practical relevance for the Swiss trust industry.