Switzerland partially joins the EU’s 20th Russia sanctions package, including crypto transfer restrictions

Switzerland has approved a new set of restrictions targeting Russia’s energy, financial, and trading sectors, with the measures taking effect on 20 August. For high-risk payment and crypto businesses, the part to watch is the explicit ban on Russian crypto transfer platforms and support for certain Russian crypto projects, including the digital ruble.

1. According to the Swiss Federal Council, the country is implementing several measures from the European Union’s 20th sanctions package against Russia. The package covers energy, finance, and trade, and Switzerland said the decision enters into force on 20 August.
2. Bern will ban the transport of liquefied natural gas (LNG) to Russia by tankers and icebreakers. The sale of tankers to Russian counterparties will also be prohibited, which adds a transport-layer restriction on top of the broader sanctions list.
3. For the first time, Switzerland will ban exports of sensitive goods to Kyrgyzstan. It will also prohibit imports and exports involving Swiss goods when those flows are deemed to benefit Russia, which the government describes as a tool to block sanctions evasion.
4. The Federal Council will also prohibit the use of Russian platforms for cryptocurrency transfers. The stated aim is to stop Russia from using alternative payment methods to обход sanctions, and support for the development of certain Russian cryptocurrencies, including the digital ruble, will also be banned.
5. The EU adopted its 20th sanctions package against Russia on 23 April. It included 58 legal entities and individuals linked to Russia’s military-industrial complex, plus more than 60 companies, including firms from China and the UAE. Switzerland had already joined most of those measures at the end of May, when it expanded restrictions to 115 individuals linked to Russia’s energy and military-industrial sectors.