Switzerland adopted most of the European Union's 20th sanctions package against Russia on Friday, including new restrictions on cryptocurrency transactions. The Swiss Federal Council's decision brings the country's sanctions framework in line with the EU's latest round of measures targeting Russian financial activity.
Crypto restrictions in the 20th package
The package includes specific curbs on crypto-asset transfers and custodian services. Swiss exchanges and wallet providers must now block transactions involving sanctioned Russian individuals and entities. The rules mirror EU requirements, though Switzerland opted out of a handful of non-crypto provisions.
Switzerland is a major hub for digital assets, home to a dense cluster of blockchain companies. The new restrictions force those firms to tighten compliance or risk penalties. For businesses that served Russian clients, the change means immediate screening adjustments and possible revenue loss.
No grace period
The measures took effect Friday with no transition window. The Swiss Federal Council has not yet published detailed enforcement guidance, but firms are expected to comply immediately. Non-compliance could lead to fines or license reviews, though the government has not specified timelines.
The 20th package is the latest in a series of EU sanctions since Russia's invasion of Ukraine. Switzerland, while not an EU member, has consistently aligned with Brussels on Russia-related restrictions.
