The Swiss Financial Market Supervisory Authority (FINMA) published an update on Switzerland’s expansion of the Russia and Belarus sanctions lists, reflecting changes adopted by the European Union under its 19th sanctions package, and set out what financial intermediaries must do to implement the new prohibitions. The measures subject 22 individuals and 42 companies and organisations to asset freezes and bans on making funds or economic resources available. They also introduce purchase, sale and service bans for 116 additional vessels, primarily tankers linked to Russia’s “shadow fleet” used to circumvent the price caps on Russian crude oil and petroleum products. In trade-related measures, 45 additional companies, including in third countries, are placed under stricter export controls to counter deliveries of critical goods to Russia’s military-industrial complex. Transaction bans are imposed on five Russian banks and four branches of Russian banks in third countries, particularly due to their use of Russian payment systems, and on eight third-country companies for materially undermining the purpose of the sanctions. The Federal Department of Economic Affairs, Education and Research published the measures online and they enter into force on 13 December 2025. Financial intermediaries are required under the ordinance to apply 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 any additional checks required under Article 6 of the Anti-Money Laundering Act and, where suspicions cannot be dispelled, file a report with the Swiss Money Laundering Reporting Office under Article 9.
Swiss Financial Market Supervisory Authority (FINMA) 2025-12-12
Swiss Financial Market Supervisory Authority flags expanded Swiss Russia and Belarus sanctions adding 22 individuals 42 entities 116 ships and new transaction bans
The Swiss Financial Market Supervisory Authority (FINMA) announced Switzerland's expansion of sanctions against Russia and Belarus, aligning with the EU's 19th sanctions package. Measures include asset freezes and bans on 22 individuals, 42 entities, and 116 vessels, stricter export controls on 45 companies, and transaction bans on several Russian banks. Financial intermediaries must implement these prohibitions, freeze assets, and report to the State Secretariat for Economic Affairs, with additional checks required under the Anti-Money Laundering Act.