Executive Summary

The Swiss Department of Education, Economy and Research (WBF) expanded sanctions lists against Russia and Belarus on 22 May 2026, implementing decisions from the EU's 20th sanctions package of 23 April 2026. 115 natural persons, companies and organizations were newly subjected to asset freezes and supply prohibitions; affected private individuals also receive entry and transit bans. The measures enter into force at 23:00 hours. Objectives are to prevent supplies to Russia's military-industrial complex, curb the Russian shadow fleet, and sanction individuals involved in deportations of Ukrainian children.

Persons

Topics

  • Russia sanctions
  • Ukraine conflict
  • Swiss foreign economic policy
  • EU coordination
  • Financial measures

Clarus Lead

Switzerland is following EU sanctions strategy at a critical moment: while Russia's war against Ukraine continues, Bern is strategically increasing pressure on Moscow's military-industrial complex and energy sector. The measures signal political alignment with the West and close a regulatory gap in the financial and trade sectors – particularly through the first-time ban on participation in transactions with Russian cryptocurrency RUBx and the digital ruble from 26 May 2026. For Swiss companies, this means concrete compliance requirements and potential business restrictions in third countries.

Detailed Summary

Switzerland has subjected 46 vessels of the Russian shadow fleet to new purchase, sale and service prohibitions, while existing prohibitions for eleven vessels were lifted. Additionally, two Russian and one port in a third country that ship Russian oil products were subjected to transaction prohibitions – with exemptions analogous to the EU.

In the financial sector, 20 Russian banks and seven financial intermediaries in third countries were sanctioned for undermining sanctions objectives. New is the ban on participation in transactions with Russian cryptocurrency RUBx and the digital ruble, which takes effect from 26 May 2026. In the trade sector, 60 new companies were subjected to stricter export control measures to block critical goods supplies to Russia's defense industry. Operational measures are intended to prevent sanctions evasion.

Switzerland is refraining for now from listing seven companies in third countries. The Federal Council will in a second step review and communicate further comprehensive measures from the 20th EU sanctions package in the financial, energy and trade sectors.

Key Messages

  • Switzerland adopts EU sanctions from the 20th package and sanctions 115 new entities (natural persons, companies, organizations)
  • Focus on military industry, energy sector and those responsible for deportations of Ukrainian children
  • First-time sanctioning of digital Russian currencies (RUBx, digital ruble) from 26 May 2026
  • 46 shadow fleet vessels and 20 Russian banks newly subject to transaction prohibitions
  • Further measures to follow after Federal Council decision

Critical Questions

  1. Evidence/Data Quality: On what basis were the 115 new entities identified and classified as worthy of sanctions? What verification mechanisms exist for the accuracy of these lists?

  2. Conflicts of Interest: Which Swiss companies or financial institutions are directly affected by the new export controls and bank sanctions, and how is independence ensured in implementation?

  3. Causality/Alternatives: To what extent is it expected that sanctioning cryptocurrency transactions (RUBx, digital ruble) will actually block evasion routes, or is there a risk of shifting to other payment methods?

  4. Feasibility/Risks: How are operational measures to prevent sanctions evasion concretely enforced, particularly for transactions in third countries where Swiss jurisdiction is limited?

  5. Consistency: Why is Switzerland refraining for now from listing seven companies in third countries, while the EU may already have sanctioned them?

  6. Monitoring: What verification mechanisms exist to monitor compliance with prohibitions on vessels and ports operating under international flags or in foreign ports?

Sources

Primary Source: [Swiss Federal Chancellery – Sanctions Lists Against Russia and Belarus Expanded] – https://www.news.admin.ch/de/newnsb/Byvj7-WGL93MiOgIL-f2p

Supplementary Sources:

  1. State Secretariat for Economic Affairs (SECO) – Measures Related to the Situation in Ukraine
  2. AS 2026 235 – Ordinance on Measures Related to the Situation in Ukraine
  3. AS 2026 233 – Ordinance on Measures Against Belarus

Verification Status: ✓ 22.05.2026

This text was created with the support of an AI model. Editorial responsibility: clarus.news | Fact-check: 22.05.2026