Sanctions

The banks in Switzerland maintain strict compliance with the applicable national, international and supranational regulations and sanctions. The main focus in this respect is currently on the measures related to the war in Ukraine.

The Swiss Confederation may enact compulsory measures in order to implement sanctions that have been ordered by the United Nations Organisation, by the Organisation for Security and Cooperation in Europe or by Switzerland’s most significant trading partners and which serve to secure compliance with international law, and in particular the respect of human rights (Art. 1 para. 1 Embargo Act). The Federal Council has the authority to enact compulsory measures (Art. 2 para. 1 Embargo Act).

The Swiss Bankers Association’s position

  • Swiss banks maintain strict compliance with all applicable laws and measures, including sanctions imposed by Swiss, international and supranational bodies.
  • The banks have checks and processes in place to ensure that regulations are adhered to and prevent violations. Integrity and reputation are vital success factors for the financial centre.
  • Switzerland has put in place a strict and effective apparatus to combat money laundering, including extensive due diligence and reporting requirements. The Swiss Bankers Association (SBA) supports the continual development of compliance measures.
  • Switzerland and its financial centre want a sanctions policy that is effective and compliant with the rule of law. Achieving that will require all parties involved to work together. The Swiss Bankers Association is making its contribution by drawing up five guiding principles to address the challenges of Swiss sanctions policy.

At present, the measures in connection with the situation in Ukraine are a priority. The Federal Council decided on 28 February 2022 to adopt the European Union’s sanctions against Russia and thus reinforce their impact.  The SBA liaises closely with the authorities on questions concerning the implementation of the sanctions and provides its members with an information and knowledge sharing platform.

For further information on the sanctions against Russia, please refer to the State Secretariat for Economic Affairs SECO:

FAQ - Sanctions against Russia

Links & Documents

Further information on Switzerland's neutrality

Federal Department of Foreign Affairs FDFA

Press release: Federal Council has received legal clarifications on frozen Russian assets 

The Federal Council

Sanctions - The SBA's position

PDF07.09.2023

Ukraine: Decrease in the value of Russian assets frozen in Switzerland

State Secretariat for Economic Affairs SECO

Swiss measures in connection with the situation in Ukraine (in German, French and Italian) 

State Secretariat for Economic Affairs SECO

Switzerland and international sanctions (explanation of how sanctions are handled in Switzerland; in German, French and Italian) 

State Secretariat for Economic Affairs SECO

Press release: Stability and integrity in times of global economic uncertainty

Swiss Bankers Association

Experts

Felix Muff
Head of Legal & Compliance
+41 58 330 62 17