The Swiss Financial Market Supervisory Authority (FINMA) published a sanctions update following the Federal Council decision to align Switzerland with further measures from the European Union’s 18th sanctions package against Russia and with additional measures adopted against Belarus alongside that package. The changes focus on restrictions in the goods, financial and energy areas and amend Switzerland’s Ordinance on Measures concerning Belarus, with the new provisions in force from 30 October 2025. The EU adopted the additional Belarus measures on 18 July 2025 in response to Belarus’s continued involvement in Russia’s war against Ukraine, and the Federal Council opted to join them in full to further align the Belarus regime with the Russia regime and counter circumvention. Financial intermediaries must implement the prohibitions, freeze the assets of sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs (SECO), while continuing to conduct further clarifications under Article 6 of the Anti-Money Laundering Act and, if suspicions cannot be dispelled, filing a report with the Money Laundering Reporting Office under Article 9.
Swiss Financial Market Supervisory Authority (FINMA) 2025-10-31
Swiss Financial Market Supervisory Authority updates on Switzerland aligning with additional EU sanctions on Russia and Belarus
The Swiss Financial Market Supervisory Authority (FINMA) updated sanctions after the Federal Council aligned with the EU's 18th sanctions package against Russia and additional measures against Belarus. Effective 30 October 2025, these changes focus on goods, financial, and energy restrictions, amending Switzerland’s Ordinance on Measures concerning Belarus. Financial intermediaries must implement prohibitions, freeze assets, and report to the State Secretariat for Economic Affairs (SECO), while adhering to the Anti-Money Laundering Act.