EuroChem must show sanctions compliance "to continue to exist", Swiss say

Swiss-based fertiliser group EuroChem must show it is able to operate under compliance of sanctions in order to continue to exist, Switzerland's State Secretariat for Economic Affairs (SECO) said on Friday, after its beneficial owner Aleksandra Melnichenko was sanctioned. "It is up to Eurochem to take the necessary measures within the Swiss legal system to allow the company to continue to exist."

Swiss-based fertilizer group EuroChem must show it is able to operate under compliance of sanctions in order to continue to exist, Switzerland's State Secretariat for Economic Affairs (SECO) said on Friday, after its beneficial owner Aleksandra Melnichenko was sanctioned. Switzerland on Friday adopted new EU sanctions against Belarus and Russia, imposing financial and travel sanctions on 100 additional individuals and entities, including Aleksandra Melnichenko.

According to both EuroChem and a spokesperson for Aleksandra and Andrey Melnichenko, Aleksandra Melnichenko is the beneficial owner of EuroChem. "EuroChem, as a Swiss company, is legally bound to comply with Swiss law, including sanctions," SECO said in an emailed statement. "It is up to Eurochem to take the necessary measures within the Swiss legal system to allow the company to continue to exist."