The neutrality initiative: the vote of 27 September 2026

Read the PDF edition (2 pages)

Swiss sanctions policy is directly at stake in a popular vote scheduled for 27 September 2026. The neutrality initiative, whose text seeks to enshrine permanent and armed neutrality in the Constitution, intends in substance to limit the sanctions Switzerland may adopt to those decided by the United Nations Security Council, which would call into question the adoption of the European Union’s sanctions against Russia. The Federal Council, which opposes it, has recalled that the effective and seamless application of the sanctions against Russia is a priority.¹ At the time this book was completed, the outcome of the vote was not known.

For the Geneva financial centre, the stakes go beyond Russia. A Switzerland that could no longer adopt the sanctions of its Western partners would become, in their eyes, a circumvention jurisdiction, with the consequences this chapter has described: exposure of banks and traders to American secondary sanctions, loss of access to the dollar for some, refusal by European counterparties, and damage to the reputation for compliance that the financial centre has built since 2009. The umbrella organisations of finance and commodity trading have come out against the initiative for these reasons.² The vote of 27 September 2026 is thus, for the financial centre, a vote on its capacity to remain a centre of compliance in a world of sanctions.

Notes

“Les sanctions contre la Russie, cœur de cible de l’initiative sur la neutralité”, swissinfo.ch, 19 August 2026: vote scheduled for 27 September 2026; the initiative seeks to limit Swiss sanctions to those of the UN Security Council. ↩
economiesuisse, “Initiative sur la neutralité : des incertitudes et des risques”, economiesuisse.ch, 26 June 2026; Swiss Bankers Association, rejection of the initiative on grounds of reputational damage and market access (“Les banques suisses refusent l’initiative sur la neutralité”, Blick, 26 July 2026). ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

English

Contact

Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

Get in touch →

The neutrality initiative: the vote of 27 September 2026

Notes

Setting up or expanding in Switzerland?