Switzerland will freeze crypto assets of Russians from the sanctions list

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The country joins the restrictive measures previously imposed by the EU and the United States

Switzerland will freeze crypto assets of Russians from the sanctions list

07.03.2022 - 14:55

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What’s new? The Swiss authorities plan to freeze the cryptocurrency assets of Russian citizens who have been put on the EU sanctions list, the Financial Times reports. It is known that a decision has already been taken and put into effect for 223 citizens.

News on the Financial Times website

What is known about the restrictions? If the relevant decision is made by the authorities, Switzerland will freeze those assets of Russians that are located in its jurisdiction. These include various custodial services, wallets, exchanges, and funds under management.

According to Guy Parmelin, a member of the Swiss Federal Council, the freezing of cryptocurrency assets is necessary “to protect the integrity” of the entire digital industry. Earlier, the Coinbase exchange also reported blocking more than 25 000 accounts from Russia.

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