Switzerland opened the first criminal case for circumventing sanctions against the Russian Federation
13.03.2024 - 12:50
The Federal Prosecutor’s Office of Switzerland has opened criminal proceedings against some Swiss companies that evade sanctions against Russia.
According to the investigation, several Swiss commodity traders continued to trade with Russia through subsidiaries in the UAE. “Business Censor” writes about it.
In particular, a criminal case was initiated against the Geneva company Paramount Energy & Commodities SA and its Dubai branch Paramount Energy & Commodities DMCC. In 2022, Paramount continued to buy Russian ESPO oil at a price above the limit of $60 per barrel.
The names of the other companies have not been disclosed at this time. The complexity of the investigation arises from the fact that foreign branches of Swiss companies are legally independent and may not comply with the imposed sanctions.
However, Switzerland can recognize affiliates as having violated the restrictive measures if a link between them and the main companies is found.
Earlier, two tankers of the Russian “Sovcomflot” stopped STS operations due to sanctions.
Also, as USM wrote, Ukraine can receive the first tranche of income from Russia’s frozen assets.
