The Swiss Financial Market Supervisory Authority (FINMA) has outlined tighter sanctions prohibiting Russian nationals and persons resident in Russia from acquiring ownership stakes in Swiss companies providing cryptocurrency services, regardless of the type of service offered. The restriction forms part of Switzerland’s adoption of the European Union’s 21st sanctions package against Russia and Belarus. It follows earlier prohibitions on using Russian crypto platforms and supporting the development of certain Russian cryptoassets, including the digital ruble. Changes to the Russia and Belarus sanctions lists took effect at 11 p.m. on Nov. 4, while the sectoral measures took effect on Nov. 5. Financial intermediaries must implement the prohibitions, freeze sanctioned persons’ assets and report affected business relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not replace separate obligations under the Anti-Money Laundering Act. Where suspicions arise, intermediaries must conduct additional checks under Article 6 and, if those suspicions cannot be dispelled, report immediately to the Money Laundering Reporting Office Switzerland under Article 9.
Swiss Financial Market Supervisory Authority outlines ban on Russian nationals and residents of Russia acquiring stakes in Swiss crypto firms
The Swiss Financial Market Supervisory Authority outlined a ban on Russian nationals and persons resident in Russia acquiring stakes in Swiss cryptocurrency service providers. The restriction is part of Switzerland’s adoption of the EU’s 21st sanctions package against Russia and Belarus. Financial intermediaries must enforce the prohibitions, freeze sanctioned assets and report affected relationships to the State Secretariat for Economic Affairs, while meeting separate anti-money laundering checks and reporting duties.