What did Belgium allow under the humanitarian exemption?

Belgium permitted limited access to bank accounts for essential needs such as basic living costs, under close oversight. This access is narrow and conditioned, not a return to normal banking. Other restrictions still apply, and payments outside the defined purposes remain blocked under EU sanctions rules for sanctioned individuals.

Does the exemption lift the EU asset freeze on Jacques Baud?

No. The asset freeze remains in place. A humanitarian exemption is a specific allowance for essential expenses and does not remove a listing or restore ordinary financial rights. It can be reviewed or adjusted, and any activity beyond the permitted scope continues to be prohibited and subject to controls.

How should Swiss banks handle sanctioned clients with exemptions?

Keep screening active, store the official authorization, and document each approved transaction with purpose, amount, and date. Limit processing to permitted categories, set alerts for out‑of‑scope activity, and coordinate compliance and legal on reviews. Communicate timelines to clients so they provide proof early and expect slower settlement where manual checks apply.

What risks should Swiss investors consider after this decision?

Expect operational delays, extra documentation, and varying interpretations by national authorities. Check counterparties and payment routes for EU sanctions links. Build settlement buffers, monitor guidance updates, and avoid transactions that assume rapid policy changes. The exemption is narrow, so risk controls should remain conservative until any formal listing change occurs.

Law and Government

February 11: Belgium Eases EU Sanctions Freeze for Jacques Baud

ByDanny Kontos February 11, 2026February 11, 2026

On February 11, Belgium granted a humanitarian exemption to EU sanctions on Jacques Baud, allowing limited access to Belgian bank accounts for essential needs while the asset freeze remains. For investors in Switzerland, this decision shows how sanctions are applied in practice and how banks handle case‑by‑case permissions. We outline what changes for Jacques Baud, why the carve‑out matters for compliance, and what Swiss clients and advisors should monitor to reduce operational and legal risk.