Switzerland bars Russian nationals, residents from acquiring crypto-firm ownership

The Swiss Federal Council decided on 4 November 2026 to align Switzerland with the European Union’s 21st sanctions package against Russia and Belarus, FINMA reported on 6 November. Swiss sanctions lists were expanded and amended on 3 November. Those changes took effect at 23:00 on 4 November, while the sectoral measures took effect on 5 November.

The financial-sector change prohibits Russian nationals and people resident in Russia from acquiring ownership of Swiss companies that provide services in the crypto sector, regardless of the type of service offered. The measure concerns acquisition of ownership in those companies.

Duties for financial intermediaries

FINMA’s notice says financial intermediaries are called on, under the sanctions ordinance, to implement the prohibitions, freeze the assets of sanctioned people and report affected business relationships to the State Secretariat for Economic Affairs (SECO).

A report to SECO does not remove the intermediary’s separate anti-money laundering obligations. Where there are grounds for suspicion, it must carry out additional clarifications under Article 6 of Switzerland’s Anti-Money Laundering Act. If those checks do not dispel the suspicion, it must report without delay to the Money Laundering Reporting Office under Article 9.

The notice therefore links sanctions screening and ownership restrictions to the existing suspicious-transaction escalation process.

Part of a continuing crypto sanctions expansion

The decision follows Switzerland’s 25 September Belarus measures, which included prohibitions on specified crypto transactions and transactions with Belarus-based crypto-service providers and decentralised platforms.

The latest package also updates the Russia and Belarus sanctions lists to reflect the EU’s 21st package and other decisions. The immediate operational dates are therefore split: list changes applied from 4 November at 23:00, and the sectoral restrictions from 5 November.