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nid 94682
Aug 21, 2026
tojuri@vixio.com
Switzerland
Swiss Financial Market Supervisory Authority FINMA
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1784 charsSwitzerland's Federal Government Adopts Additional Sanctions Against Russia Aligned with European Union Measures
On August 19, 2026, the Swiss Federal Government (Bundesrat) decided to align with the European Union's (EU) 20th sanctions package against Russia, following Switzerland's established practice of coordinating with EU measures. The new sanctions entered into force on August 20, 2026.
The Swiss Financial Market Supervisory Authority (FINMA) announced that Switzerland has now imposed asset freezes on approximately 2,790 natural persons, companies, and organisations in connection with Russia's war against Ukraine. This figure includes 115 natural persons and organisations added to the Swiss sanctions list on May 22, 2026. In the financial sector, the Federal Government introduced new prohibitions on the use of Russian platforms for the transfer and exchange of crypto-assets. This measure aims to prevent Russia from using alternative payment methods to circumvent sanctions. Additionally, Switzerland has prohibited support for the development of certain Russian crypto-assets, including the digital ruble.
Financial intermediaries must implement these prohibitions in accordance with applicable regulations, freeze assets belonging to 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 when suspicious circumstances arise under Article 6 of the Money Laundering Act (GwG). If financial intermediaries cannot dispel suspicions, they must immediately file a report with the Financial Intelligence Unit under Article 9 GwG.
Financial institutions operating in Switzerland should review their compliance procedures to ensure adherence to these enhanced sanctions measures and updated crypto-asset restrictions.
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1437 charsSwitzerland's Federal Council Adopts Additional Sanctions Against Russia Aligned with European Union Measures
On August 19, 2026, the Swiss Federal Council announced its alignment with the European Union's (EU) 20th sanctions package against Russia, in line with Switzerland's established practice of coordinating with EU measures.
The new sanctions entered into force on August 20, 2026.
In the financial sector, the Federal Council introduced new prohibitions on the use of Russian platforms for the transfer and exchange of crypto-assets. This measure aims to prevent Russia from using alternative payment methods to circumvent sanctions. Additionally, Switzerland has prohibited support for the development of certain Russian crypto-assets, including the digital ruble.
Financial intermediaries must implement these prohibitions in accordance with applicable regulations, freeze assets belonging to 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 when suspicious circumstances arise under Article 6 of the Money Laundering Act (AMLA). If financial intermediaries cannot dispel suspicions, they must immediately file a report with the Financial Intelligence Unit under Article 9 AMLA.
Financial institutions operating in Switzerland should review their compliance procedures to ensure adherence to these enhanced sanctions measures and updated crypto-asset restrictions.