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Swiss halt new bank business with Russians on EU sanctions list

ZURICH, Feb 25 (Reuters) – Switzerland told its banks on Friday to halt new business with people and entities on a European Union sanctions blacklist, which the neutral country has adopted to ensure it is not used to circumvent measures against Russia over its invasion of Ukraine.

The instruction from the Swiss Financial Market Supervisory Authority (FINMA) ratchets up the pressure Bern is exerting in solidarity with the West while still trying to keep the door open to a potential role as a mediator.

“Financial intermediaries in Switzerland are thus prohibited from entering into new business relationships with the individuals and companies newly included in Annex 3.

The financial intermediaries are also obliged to report existing business relationships with these individuals, companies and organisations to (government agency) SECO without delay,” FINMA said on its website

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