Switzerland expands sanctions lists
Date of publication: May 28, 2026
The Swiss Federal Department of Economic Affairs, Education and Research (EAER) has announced an expansion to Switzerland's sanctions lists concerning Russia and Belarus. The action partial implements various listings and measures decided by the European Union as part of its 20th package of sanctions in response to Russia's ongoing war against Ukraine.
The measures entered into force on 22 May 2026.
The new measures include:
- 115 additional individuals and entities added to the sanctions lists concerning Russia and Belarus
- The newly listed parties are subject to asset freezes and a prohibition on making funds available
- Listed individuals are also subject to entry and transit bans in Switzerland
- The designations include parties connected to or supporting the Russian military-industrial complex, the Russian energy sector, and individuals involved in the deportation and indoctrination of Ukrainian children
- Switzerland is currently refraining from listing seven companies in a third country, while operational measures are in place to prevent sanctions circumvention
Trade measures:
In the trade sector, Switzerland has placed 60 additional companies, including companies located in third countries, under stricter export control measures. These controls are intended to prevent the supply of critical goods to Russia's military-industrial complex.
Switzerland is also aligning with additional EU measures aimed at curbing the activities of Russia's shadow fleet. As part of these measures:
- 46 additional vessels are subject to comprehensive bans on purchase, sale, and services
- Existing bans on 11 vessels have been lifted in line with the EU
- Two Russian ports and one port located in a third country, used for the shipment of Russian oil products, are now subject to a transaction ban
Financial measures:
Switzerland has introduced further financial restrictions targeting institutions and activities that undermine the purpose of sanctions against Russia.
The financial measures include:
- 20 Russian banks placed under a transaction ban
- Seven financial intermediaries in third countries placed under a transaction ban
- Participation in transactions involving the Russian cryptocurrency RUBx and the digital rouble will be prohibited from 26 May 2026
The EU's 20th sanctions package also contains further measures in the financial, energy, and trade sectors. The Swiss Federal Council will review these additional measures and provide further updates in due course.
Conclusion
These measures further strengthen Switzerland's sanctions regime against Russia and Belarus by expanding asset freezes, travel restrictions, export controls, maritime restrictions, port-related transaction bans, and financial transaction prohibitions.
Companies should carefully screen all customers, counterparties, financial institutions, vessels, ports, and other business partners against the updated Swiss sanctions lists. They should also assess any direct or indirect exposure to Russia- or Belarus-related transactions, particularly in relation to military-industrial goods, energy-sector dealings, maritime services, Russian oil product shipments, and transactions involving RUBx or the digital rouble.
These changes have been updated in ONESOURCE Global Trade Content. For more information on how ONESOURCE Global Trade solutions can assist you in managing restricted party screening, please contact your Account Manager or Success Manager.