Switzerland broadly adopts 20th EU package against Russia
Switzerland updated its Ukraine-related sanctions lists to add dozens of individuals, entities, banks, vessels and ports, while removing some vessels and entities. The changes were adopted May 21 and take effect May 22, 2026.
BERN, May 21, 2026 — Switzerland’s State Secretariat for Economic Affairs updated multiple annexes to its ordinance on measures related to the situation in Ukraine, introducing a wide-ranging package of new listings and some delistings aligned with measures of EU origin.
The changes add numerous individuals and entities to financial sanctions and, for listed individuals in Annex 8, to entry and transit bans. The newly listed people include Russian officials, businesspeople, media figures and executives tied in the text to Russia’s military-industrial complex, occupied Ukrainian territories, sanctions circumvention networks and activities in Crimea. Newly listed entities include companies in Russia, the United Arab Emirates, Central Asia, China, Hong Kong and other jurisdictions described in the text as operating in the energy sector, supplying military-related goods, facilitating circumvention, supporting Russian crude oil trade or aiding other restricted activity.
The update also adds a separate set of entities as restricted end recipients under Annex 2. Those listings include companies in China, Hong Kong, Russia, Thailand and Türkiye. In addition, Switzerland listed 20 banks under Annex 14 as institutions subject to a transaction ban, added Yelo Bank of Azerbaijan under Annex 14a as subject to a prohibition on the use of certain specialized financial messaging services, and added several banks and entities under Annex 15b as subject to transaction restrictions for undermining the purpose of sanctions.
Maritime restrictions were expanded as well. Switzerland listed dozens of vessels under Annex 33, with the text citing the transport of Russian-origin crude oil, petroleum or mineral products and irregular or high-risk shipping practices, and in some cases support for Russia’s energy sector or sanctions circumvention. It also listed the ports of Murmansk and Tuapse, as well as Karimun Oil Terminal in Indonesia, under Annex 15c.
The notice also amends existing entries for Andrey Kondrov, PSB Bank and Volunteers of Victory. At the same time, Switzerland removed several vessels from Annex 33 and delisted three entities from Annex 15b.
According to the notice, the modification was issued on May 21, 2026, and enters into force on May 22, 2026.
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