Switzerland adopts EU’s 21st sanctions package against Russia and Belarus, bars Russian ownership in crypto firms

Switzerland has adopted the European Union’s 21st sanctions package against Russia and Belarus, setting off immediate compliance changes for Swiss banks, exporters and crypto firms.

The Swiss Federal Council made the decision on Nov. 4, according to the State Secretariat for Economic Affairs, or SECO, the government agency overseeing sanctions implementation. Amendments to Switzerland’s sanctions lists took effect at 11 p.m. local time that day, the Swiss Financial Market Supervisory Authority, or FINMA, said, while the broader sectoral measures entered into force on Nov. 5.

“On 4 November, the Federal Council decided to adopt the measures from the European Union’s 21st package of sanctions against Russia and Belarus,” SECO said in a Nov. 4 press release.

The scale of the update is significant. SECO said Switzerland imposed asset freezes and bans on making economic resources available to an additional 254 individuals, companies and entities. Individuals added to the list are also subject to entry and transit bans. Another 41 companies now face trade and export restrictions. The measures also touch 33 Russian banks, one bank from a third country, 17 financial institutions and crypto service providers, five companies in third countries, four Russian airports, two Russian ports and 41 more vessels linked to Russia’s so-called shadow fleet, the ships used to help move oil and other cargo outside Western restrictions.

For Swiss financial firms, the most notable new restriction may be in crypto. SECO said Russian nationals and people resident in Russia are now barred from acquiring an interest in Swiss companies that provide crypto-sector services, regardless of the type of service. “Russian nationals and persons resident in Russia are now no longer permitted to acquire an interest in Swiss companies that provide services in the crypto sector, regardless of the nature of the services offered,” SECO said.

That means Swiss crypto firms, as well as banks and other intermediaries exposed to the sector, need to review ownership, investment and onboarding processes quickly. FINMA said regulated financial intermediaries must implement the new prohibitions, freeze the assets of sanctioned persons and report affected business relationships to SECO.

FINMA also stressed that sanctions reporting does not replace anti-money-laundering duties. Financial intermediaries must still carry out additional checks under Swiss anti-money-laundering law and, if suspicions remain, file a report with MROS, Switzerland’s money-laundering reporting office.

The package goes well beyond finance. SECO said Switzerland expanded export bans covering military and dual-use goods, including items tied to the aerospace and drone sectors. It also introduced reporting requirements for transfers and ownership of liquefied natural gas tankers sent to third countries. In a narrower energy-related adjustment, Switzerland extended an exemption for certain crude shipments to Japan through March 31, 2028.

The Swiss update also reflects transport and shipping concerns that have become a bigger part of Western sanctions policy. Alongside the shadow-fleet vessel listings, the new measures target Russian airports and ports and widen trade controls to additional companies, including some outside Russia and Belarus.

Switzerland is broadly aligning with a package the EU adopted on July 23, 2026, expanding restrictions tied to Russia and Belarus across energy, financial services and crypto. But Bern did not copy Brussels in every detail. SECO said Switzerland has, for now, not added two Russian nationals included by the EU and has not imposed enhanced export controls on 14 companies from a third country after weighing foreign-policy and legal considerations. It also removed six individuals and one company from its sanctions lists on Nov. 3 in line with the relevant EU decision.

That same day, EAER and SECO expanded and updated the Swiss sanctions lists, a step FINMA highlighted in an implementation reminder published Nov. 6. For affected firms, the message from regulators is immediate: update screening, freeze where required, review reporting obligations and do not treat sanctions compliance as a substitute for anti-money-laundering controls.