The State Secretariat for Economic Affairs (SECO) of Switzerland has amended Annex 8 of its ordinance concerning measures related to the situation in Ukraine. Specifically, 7 individuals have been removed from the sanctions list. This action, effective March 20, 2026, at 11 pm CET, signifies a modification to the existing sanctions regime.

Regulated entities, particularly those involved in international trade and finance, should review their internal lists and compliance procedures to ensure they are not inadvertently applying sanctions to individuals who have been delisted. Failure to update internal controls could lead to compliance breaches or operational disruptions. While no specific compliance deadline is mentioned beyond the effective date, entities should act promptly to reflect these changes in their sanctions screening processes.