Switzerland to Freeze Crypto Assets Held by Russian Citizens: Report


The Swiss federal government has decided to impose measures to freeze crypto assets owned by Russian individuals and companies within the country’s borders. The move comes on the heels of four European Union sanctions imposed by Brussels last week in response to Russia’s invasion of Ukraine and, while Ukraine’s call to ban Russians from the crypto market was rejected by crypto exchange giants like Binance and Coinbase unless required by law. a large number of local crypto exchanges in certain countries have decided to ban Russian IPs.

Swiss Finance Minister Guy Parmelin at a statement claims that Switzerland has frozen bank accounts and physical assets owned by 223 Russians, including close associates of President Vladimir Putin. “As of today, all four EU sanctions packages have been adopted and implemented. Since Monday (February 28), the bank accounts and assets of 223 Russians, including oligarchs and close confidants of Putin, have been identified and frozen inside the country,” Parmelin said.

A senior Finance Ministry official further mentioned that freezing crypto assets was essential because Switzerland wants to protect the integrity of its assets. cryptocurrency industry. “If someone has your cryptographic key, then wherever it is, it will be virtually impossible to identify it. But if they are using crypto services (funds, exchanges, etc.), we can target these service points,” the official stated.

Swiss plans to freeze Russian-owned crypto assets were quickly followed by South Korea and Singapore over the weekend. Singapore announced sanctions against Russia, with the country restricting crypto transactions deemed to evade sanctions, while South Korean exchanges decided ban russian IP addresses.

While no announcement has been made yet, Japan is also reportedly (via Japan Times) considering a similar move with the country’s financial regulator and cryptocurrency industry body, starting discussions to assess how sanctions can be effectively applied against Russia.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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