Global

Details

  • Service: Tax, Global Indirect Tax
  • Type: Regulatory update
  • Date: 8/21/2014

Switzerland - Sanctions against Russia; considerations for Swiss business 

August 21: As the crisis in Ukraine continues, further international sanctions have been enforced against Russia. For Swiss companies, the identification of the complex ownership structures of the sanctioned entities and the different jurisdictions and languages involved are challenging.

The Swiss Federal Council decided in April 2014 not to apply EU sanctions directly, but to take actions to prevent circumvention of EU sanctions. However, many companies, financial intermediaries or others consider U.S. Treasury OFAC and EU sanctions.


Switzerland has extended the list of Russian sanctioned entities subject to sanctions on 4 August 2014. The Swiss measures to avoid the circumvention of such international sanctions apply to an additional 26 targeted persons and 18 companies (including persons acting on behalf of or instructed by such targeted persons and companies owned or controlled by such persons).


To date, the Swiss measures are relevant only in respect of financial intermediary services.


Read an August 2014 blog posting by the KPMG member firm in Switzerland: International Sanctions against Russia: What Swiss businesses have to consider




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Washington, DC 20006.

 

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