• 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

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now