Swiss Financial Market Supervisory Authority highlights Switzerland’s expanded Russia and Belarus sanctions including a ban on all crypto services for Russians

The Swiss Financial Market Supervisory Authority (FINMA) published an update on Switzerland’s Russia and Belarus sanctions following the Swiss Federal Council’s decision on 25 February 2026 to adopt additional measures from the European Union’s 19th sanctions package against Russia, effective 26 February 2026. Switzerland’s sanctions list remains aligned with the EU’s and currently subjects around 2,600 individuals, companies and organisations to an assets freeze linked to the situation in Ukraine. The additional measures cover the energy, financial and trade areas and include a new prohibition on providing any crypto services to Russian nationals and companies, as well as a ban on transactions involving certain rouble-backed cryptoassets such as the stablecoin A7A5. The Federal Council also expanded the ban on using certain specialised messaging services for payment transactions and broadened trade restrictions, including additional goods deemed to contribute to Russia’s military and technological strengthening (including metals for weapons systems and products used in fuel manufacturing) and further purchase and import bans for goods significant to Russia such as acyclic hydrocarbons. FINMA reminded financial intermediaries to implement the prohibitions, freeze sanctioned persons’ assets and report affected business relationships to the State Secretariat for Economic Affairs (SECO). It also noted that reporting to SECO does not remove obligations to conduct further clarifications under Article 6 of the Anti-Money Laundering Act and, if suspicions cannot be dispelled, to file a report with the Money Laundering Reporting Office under Article 9.