TITLE: Switzerland Adopts European Union's Nineteenth Sanctions Package Against Russia and Belarus
BODY:
On February 25, 2026, the Swiss Federal Council (Bundesrat) decided to adopt further measures from the European Union's (EU) nineteenth sanctions package against Russia. The new measures entered into force on February 26, 2026.
This follows the Federal Council's December 12, 2025 decision to add 64 natural persons and organisations to the Swiss sanctions list and implement initial measures from the nineteenth package. Switzerland now has approximately 2,600 natural persons, companies, and organisations subject to asset freezes in connection with the situation in Ukraine. The Swiss sanctions list is identical to the EU's list.
The new measures include restrictions in the energy, financial, and trade sectors. To address the growing importance of cryptocurrencies to Russia's war economy, the provision of all crypto services to Russian nationals and companies is now prohibited. The Federal Council also banned transactions involving certain rouble-backed crypto-assets, including the stablecoin "A7A5". Additionally, the prohibition on using certain specialised messaging services for payment transactions has been expanded.
In the trade sector, the list of goods contributing to Russia's military and technological strengthening has been expanded, including metals for weapons systems and products used in fuel manufacturing. Further goods significant to Russia, such as acyclic hydrocarbons representing a major revenue source, are now subject to purchase and import prohibitions.
Financial intermediaries must implement the prohibitions, freeze assets of sanctioned persons, and report affected business relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not exempt financial intermediaries from conducting additional clarifications under Article 6 of the Money Laundering Act (GwG) when suspicions arise, and from filing a report with the anti-money laundering reporting office under Article 9 GwG if suspicions cannot be resolved.