The Swiss Financial Market Supervisory Authority has outlined the Federal Council’s adoption of further measures from the European Union’s 20th sanctions package against Russia, effective Aug. 20, 2026. The financial-sector measures prohibit the use of Russian platforms to transfer or exchange crypto-assets and ban support for developing certain Russian crypto-assets, including the digital ruble. Financial intermediaries must implement the prohibitions, freeze assets belonging to sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs. Such reporting does not replace anti-money laundering obligations. Where suspicious circumstances exist, intermediaries must conduct additional checks under Article 6 of the Anti-Money Laundering Act and, if concerns cannot be resolved, immediately report to the Money Laundering Reporting Office Switzerland under Article 9. Around 2,790 individuals, companies and organizations are now subject to Swiss asset freezes related to Russia’s war against Ukraine.
2026-08-20Swiss Financial Market Supervisory Authority (FINMA)
Swiss Financial Market Supervisory Authority outlines expanded Russia sanctions and bans use of Russian crypto platforms
The Swiss Financial Market Supervisory Authority outlined expanded Russia sanctions that prohibit the use of Russian crypto platforms and support for certain Russian crypto-assets, including the digital ruble. Financial intermediaries must enforce the bans, freeze sanctioned assets and report affected relationships while continuing to meet separate anti-money laundering duties.