Sanctions: Russia
On 19 August 2026, the Federal Council decided to associate, in line with established practice, with the additional measures of the 20th European Union package of sanctions against Russia, which will enter into force on August 20, 2026.
A total of 115 people and entities had been added to Switzerland’s sanctions list as of May 22, 2026. The list of Swiss sanctions in connection with Russia’s war against Ukraine currently includes about 2790 individuals, companies and entities.
In the financial sector, the Federal Council now prohibits the use of Russian platforms for the exchange or transfer of cryptoassets. This measure aims to prevent Russia from using alternative payment methods to circumvent sanctions. In the same vein, support for the development of certain Russian cryptoassets such as the digital ruble is also prohibited.
Financial intermediaries are required, according to the provisions of the ordinance, to implement the prohibitions, to freeze the patrimonial values of sanctioned persons and to announce the business relations concerned to SECO. The announcement made to the SECO does not exempt financial intermediaries from making, in case of suspicion, additional clarifications within the meaning of art. 6 LBA and, if they are unable to dismiss them, immediately make a communication within the meaning of Article 9 LBA to the Office of Communication on Money Laundering.
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