Swiss Federal Council prohibits crypto services to Russian nationals and companies
Swiss crypto-service providers must stop providing crypto services to Russian nationals and companies
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The Swiss Federal Council adopted further measures from the EU's 19th Russia sanctions package, prohibiting all crypto services to Russian nationals and companies from February 26, 2026.
Why it matters
The measures create a direct crypto-service prohibition for Swiss operators dealing with Russian nationals and companies. Crypto platforms and financial intermediaries must block covered services, transactions involving specified rouble-backed crypto-assets and affected payment-messaging channels, while continuing asset-freeze, SECO reporting and AML escalation duties.
Implications
- — Crypto-asset service providers operating in Switzerland must stop providing all crypto services to Russian nationals and companies from February 26, 2026 — continued servicing breaches the Swiss Russia sanctions measures.
- — Swiss crypto platforms and financial intermediaries must block transactions involving prohibited rouble-backed crypto-assets such as A7A5 and update payment-messaging controls for the expanded messaging-service ban.
- — Swiss financial intermediaries must freeze assets of sanctioned persons and report affected business relationships to SECO, while still completing Article 6 AMLA enquiries and filing with MROS under Article 9 AMLA where suspicion cannot be cleared.
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