Switzerland will align with the European Union’s 20th sanctions package against Russia, effective August 20, 2026, the Federal Council announced on August 19. The move follows the country’s prior adoption of EU sanctions frameworks and reflects ongoing efforts to restrict financial channels supporting Russia’s war in Ukraine.
The new measures expand Switzerland’s existing sanctions list, which already included 2,790 individuals, companies and organizations subject to asset freezes. On May 22, 2026, Swiss authorities added 115 new natural persons and entities to the list, bringing the total under Swiss enforcement to the current figure.
In the financial sector, Switzerland will prohibit the use of Russian platforms for transferring or exchanging cryptocurrency assets. The restriction aims to close potential loopholes that could allow Russia to bypass sanctions through alternative payment systems. Additionally, support for the development of certain Russian digital currencies—including the digital ruble—will be barred.
Financial intermediaries are required to enforce the new prohibitions, freeze assets of sanctioned persons, and report affected business relationships to the State Secretariat for Economic Affairs (SECO). While SECO reporting fulfills regulatory obligations, intermediaries remain obligated under the Money Laundering Act to conduct further due diligence if red flags arise. If suspicions cannot be resolved, institutions must file an immediate suspicious activity report to the Money Laundering Reporting Office Switzerland under Article 9 of the Act.
