Switzerland Aligns with EU Sanctions Package Targeting Crypto Service Providers

The Swiss Federal Council has decided to implement most of the EU's 20th sanctions package against Russia, including measures targeting crypto-asset service providers and decentralized finance platforms linked to the Kremlin's financial apparatus.

As part of the 120 new designations added to the sanctions list, 37 individuals and 83 entities will be affected. The sanctions explicitly prohibit EU entities from transacting with Russian crypto-asset service providers and restrict engagement with certain DeFi platforms deemed to facilitate sanctions evasion.

The restrictions also ban support for Russia's planned digital ruble and RUBx stablecoin. While no specific cryptocurrencies like Bitcoin or Ethereum were named in the sanctions, the focus is on service providers and platforms rather than protocols or tokens themselves.