Switzerland opens dozens of sanctions cases against Russia

Switzerland has opened 56 cases of violations of sanctions against Russia, and penalties have been imposed with respect to 15 of them.

Source: Reuters

Details: Switzerland is reported to have launched an investigation into more than 50 cases of potential sanctions violations and has found violations in 15 of them so far.

About half of the cases have been closed, and 15 have resulted in penalties being ordered.

The rest remain under investigation. 

The Swiss State Secretariat for Economic Affairs did not name either the sectors involved or the individual companies under investigation.

Background:

• Switzerland experienced an increase in cyberattacks and disinformation campaigns ahead of the Ukrainian Peace Summit held on 15-16 June.
• Some Swiss banks are still prepared to accept rouble transfers from clients despite tighter restrictions on banking for Russians in the country. This may include transfers of US$10 million or more, subject to special prior approval.
• A group of activists supported by the far-right Swiss People's Party has collected signatures calling for a referendum on the country's neutrality, which could undermine the sanctions it has imposed on Russia.

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