Switzerland Will Impose Cryptocurrency Sanctions On Russians

Switzerland will impose cryptocurrency sanctions on Russians. Switzerland will freeze the cryptocurrency holdings of Russian citizens.

While the war between Russia and Ukraine continues, many countries impose sanctions against Russia in different ways. The latest sanction news came from Switzerland. Switzerland aims to freeze the cryptocurrency assets of Russian citizens within its borders within the scope of European Union sanctions. The freeze will coincide with sanctions already imposed by the European Union in response to the Russian invasion of Ukraine. A senior official at the Swiss Ministry of Finance said that additional steps should be taken against crypto assets because Switzerland wants to “protect the integrity” of the crypto industry: “If the individuals in question hold Bitcoin and crypto keys with themselves, it will be impossible to identify them wherever they are. However, if they use crypto services such as funds and exchanges, we can target these services.” Swiss Finance Minister Guy Parmelin stated that 223 Russians, including close friends of President Vladimir Putin, had their bank accounts and physical assets frozen by Switzerland last week.