The Swiss Financial Market Supervisory Authority (FINMA) highlighted Switzerland’s alignment with the European Union’s 16th sanctions package against Russia, following a Federal Council decision and amendments to the Ordinance on Measures in Connection with the Situation in Ukraine. The new measures entered into force on 15 May 2025 and require financial intermediaries to implement the prohibitions, freeze the assets of sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs (SECO). The measures tighten export restrictions on dual-use goods and goods used for Russia’s military and technological strengthening, including a new export ban to Russia for chrome ores due to their military use. The list of goods supporting Russian industry is expanded, including to chemicals, and a new ban applies to the purchase and import of Russian aluminium in raw form. The update also notes that, on 4 March 2025, Switzerland added 48 individuals, 35 companies and 74 ships to its Russia sanctions list; reporting to SECO does not remove a financial intermediary’s obligation to conduct additional clarifications under Article 6 of the Anti-Money Laundering Act and, where suspicions cannot be resolved, to file a report with the Money Laundering Reporting Office under Article 9.
Swiss Financial Market Supervisory Authority (FINMA) 2025-05-16
Swiss Financial Market Supervisory Authority outlines financial intermediary obligations as Switzerland adopts the EU’s 16th Russia sanctions package
The Swiss Financial Market Supervisory Authority (FINMA) announced Switzerland's alignment with the EU's 16th sanctions package against Russia, effective 15 May 2025. Financial intermediaries must freeze assets and report to the State Secretariat for Economic Affairs (SECO). Measures include tightened export restrictions on dual-use goods, a ban on chrome ores, and expanded prohibitions on chemicals and Russian aluminium. Additionally, 48 individuals, 35 companies, and 74 ships were added to the sanctions list, with financial intermediaries required to conduct further clarifications under the Anti-Money Laundering Act.