Switzerland Intensifies Sanction Enforcement Against Russia

The Swiss State Secretariat for Economic Affairs (SECO) announced the creation of an investigative team to ensure compliance with sanctions and to probe potential violations. Since the onset of the full-scale war in Ukraine, approximately 230 instances of sanctions circumvention by Swiss firms have been recorded.To date, this has led to 47 proceedings, with 20 cases closed and nine concluding in fines of varying severity. Most of these were related to violations in the trade of luxury items or goods crucial for Russia’s military needs.The Federal Prosecutor’s Office of Switzerland disclosed last week that it is also examining several cases of potential infractions.It’s noteworthy that last year, the G7 countries criticized Bern for its slow progress in combating sanctions evasion and the freezing of Russian assets.