Swiss Authorities plan to freeze key Russians crypto assets

The rich Alpine state's finance minister is planning to freeze Russian-owned crypto assets and enterprises.


The rich Alpine state's finance minister is planning to freeze Russian-owned crypto assets and enterprises.
Switzerland

Within Swiss borders, the Swiss federal government intends to freeze crypto assets owned by Russian persons and businesses.


Over and above all European Union-related sanctions, these actions punish Russian citizens and businesses.


The crypto freeze comes after the European Union in Brussels slapped sanctions on Moscow in response to Russia's foray into Ukraine.


The EU said on Wednesday that it would take steps to prevent Russia from using cryptocurrency to mitigate the impact of economic sanctions.


"We are taking measures," French Finance Minister Bruno Le Maire told the Financial Times, "in particular on crypto assets, which should not be exploited to dodge the financial sanctions imposed upon by the 27 EU countries."


Guy Parmelin, Switzerland's finance minister, has confirmed the acceptance of four EU measures. "As of today, Switzerland has adopted and implemented all four of the EU's sanctions packages," he stated.


Note that over 200 Russians had their bank accounts and physical valuables blocked by Swiss authorities in the last week.