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Switzerland Extends Measures to Prevent EU Sanctions Circumvention

On March 6, 2015, Switzerland extended its measures to prevent the circumvention of sanctions issued by the EU. These correspond to the measures introduced by the EU in December 2014.

Switzerland has prohibited all foreign investment in Crimea and Sevastopol. There is a ban on services in several economic sectors, including investment and tourism. It also expanded the ban on exports of key goods to Crimea and Sevastopol to include additional articles, and it has been made more precise to incorporate the adjustments made in the EU sanctions.

Switzerland also added 28 additional names to the existing list of individuals and businesses with whom financial intermediaries may no longer enter into new business relationships. Persons in Switzerland with an existing business dealing with any of these entities are required to report this relationship.

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