Switzerland, as part of anti-Russian sanctions, has banned banks from using SWIFT analogs and restricted operations with cryptocurrency.
The Swiss government has decided to support the majority of the measures in the 14th package of EU sanctions against Russia, which will come into effect on October 17th, 2024. The Swiss government also stated that the sanctions in the financial sector would be tightened, including a ban on banks using alternatives to SWIFT for domestic and cross-border transfers.
US and EU sanctions have banned major Russian banks from using the SWIFT system, and the Central Bank of Russia has banned Russian banks from doing so for domestic transfers since 2014.
As a replacement for SWIFT, the Central Bank of Russia has required banks to use their own banking systems or services from third-party Russian companies as well as the Financial Messaging System (SPFS).
In addition to banning SWIFT analogues, the Swiss government has created “the legal basis for banning transactions related to organizations that offer crypto services and conduct transactions to support the Russian defense industry.”
