The Swiss Financial Market Supervisory Authority (FINMA) published an update on Switzerland’s Russia sanctions after the Federal Council decided to adopt further measures from the European Union’s 19th sanctions package, with the new measures entering into force on 26 February 2026. Around 2,600 individuals, companies and organisations are currently subject in Switzerland to an asset freeze linked to the situation in Ukraine, under a sanctions list that is identical to the EU’s. The update notes that Switzerland had already added 64 individuals and organisations to its sanctions list on 12 December 2025 and adopted initial measures from the same EU package. The newly adopted measures include restrictions in the energy and financial sectors and expanded trade controls, including a prohibition on providing any crypto services to Russian nationals and companies and a ban on transactions with certain rouble-backed cryptoassets such as the stablecoin A7A5. The Federal Council also expanded a prohibition on using certain specialised messaging services for payment transactions, and broadened trade restrictions by extending the list of goods contributing to Russia’s military and technological strengthening, as well as adding further Russia-significant goods to purchase and import bans, including acyclic hydrocarbons. FINMA highlights that financial intermediaries are required under the ordinance to implement the prohibitions, freeze the assets of sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not remove obligations to conduct additional checks where there are indications of suspicion under Article 6 of the Swiss Anti-Money Laundering Act, and to file a report with the Money Laundering Reporting Office under Article 9 if suspicion cannot be dispelled.

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