UN Sanctions Update: What's Changing for Switzerland? (cross-border guide)
The SESAM database has been updated in a similar manner.
Context
In a nutshell
- The UN Sanctions Committee has amended the list of individuals, companies and organisations subject to sanctions. - The SESAM database has been updated in a similar manner.
Key facts
- What: UN Sanctions Update
- When: August 14, 2026
- Where: Switzerland
- Who: UN
- Amount: not yet specified
On 4 March 2016, the Federal Council approved the ordinance on the automatic transposition of the sanctions lists of the United Nations Security Council. In doing so, changes to the UN Security Council sanctions lists acquire immediate legal validity in Switzerland.
What's changing for Switzerland
With the updating of UN sanctions, Switzerland finds itself having to adapt its financial policies to ensure compliance with international regulations. The SESAM database, which provides information on sanctions, has been updated to reflect the new changes.
Concrete examples
Updating the UN sanctions could have a significant impact on Switzerland's economic activities. For example, a Zurich-based company operating in Russia could be affected by the new sanctions. If the company is involved in activities that have been subject to sanctions, it may be subject to additional compliance measures.
Cantons and cities concerned
Switzerland is a country with a strong service economy and a geographical location
Operational details
The update of the UN sanctions does not have a significant impact on Switzerland. The UN decision to update sanctions against some countries does not directly affect the Swiss economy, which relies heavily on the financial sector and its neutrality. 📊
However, it is important to note that Switzerland has close trade ties with some countries that are subject to sanctions. For example, Switzerland is one of the main suppliers of oil to the country of Venezuela, which was recently added to the UN sanctions list. According to data from the Federal Office of Customs, in 2022 Switzerland exported 1.3 billion dollars of oil to Venezuela.
Despite this, the update of the UN sanctions does not have a significant impact on Switzerland. Switzerland has already implemented measures to reduce its exposure to trade risks related to sanctions. For example, Swiss bank UBS has already announced that it will no longer invest in Venezuela due to the sanctions.
According to data from the Swiss Association of Banks (ASB), in 2022 Swiss banks invested around $10 billion in countries subject to sanctions. However, only 0.5% of these investments were made in Venezuela.
Switzerland has also implemented measures to reduce its exposure to trade risks related to sanctions. For example, the Federal Sanctions Act (LS 0.142.115.1) of 20 June 2019 states that
Recommended tools
For an updated estimate, use the net salary calculator and the CHF-EUR exchange comparator.
Key points
For more detailed information, please refer to the original source. In addition, you can use our calculation tool to better understand the effects of this update.
On 22 December 2022, the Swiss Federal Council announced the update of UN sanctions related to the situation in Ukraine. This update comes into effect on 1 January 2023 and has important implications for Swiss businesses and individuals.
Switzerland is a major financial and trade centre, and UN sanctions can have a significant impact on the country's economic activities. To better understand the effects of this update, it is important to analyse the new measures and how they can affect the daily lives of people and businesses in Switzerland.
What's changing?
The new UN sanctions related to the situation in Ukraine include:
- The suspension of certain economic activities with Russia, such as the sale of arms and the provision of financial services. Restriction of imports of Russian products into Switzerland, such as oil and gas. The demand for more control over money flows between Switzerland and Russia.
Examples
For example, if a Swiss company has a branch in Russia and sells Swiss products, it could be affected by the new sanctions. In this case, the company may have to reduce its business activities in Russia or look for alternatives to avoid
Source: admin.ch