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(OFFICIAL)-Swiss watchdog tell banks to halt business with people on Russian watch list

Swiss regulator extends transaction ban at Sberbank arm
Swiss regulator extends transaction ban at Sberbank arm Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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ZURICH - Swiss financial watchdog FINMA told banks on Friday to halt new business with people and entities on a list the Swiss government drew up in response to Russia's invasion of Ukraine.

"Financial intermediaries in Switzerland are thus prohibited from entering into new business relationships with the individuals and companies newly included in Annex 3. The financial intermediaries are also obliged to report existing business relationships with these individuals, companies and organisations to SECO without delay," the Swiss Financial Market Supervisory Authority said on its website after the government said it would take steps against individuals, businesses and organisations targeted by European Union sanctions.

( This story corrects to show FINMA tells banks to halt new business, not freeze assets, after agency corrects statement on website)

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