There used to be a time when Switzerland held billions of gold for Nazis and provided excellent services for them. But now, the country known for neutrality is taking a stance against Russia since they will ban all Russian-owned crypto assets. As the war continues in Ukraine, the rush of sanctions seems to gain momentum day by day. Visa and Mastercard officially pulled out of Russia as the latest development. However, the Switzerland news is much more historically significant. So, I never thought to say this ever in my lifetime, but it’s really not a good time to be a Russian Oligarch!
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Initially, Switzerland is following all the same sanctions opposed against Russia by the European Union despite not being a member. Considering the neutrality policies, this could be especially hurtful sanction since Russian didn’t expect the Swiss banks to stab them in the back.
The Switzerland finance minister Guy Parmelin stated that they will commit to EU sanctions. Furthermore, a total of 23 Russian oligarchs and others personally close to Russian president Vladimir Putin are now in the black list.
According to an article by the Financial Times, Switzerland will freeze all crypto assets. Naturally, the ban includes all individuals and businesses sanctioned by the EU. In the meantime, there is special attention to crypto assets and to treat them differently than others. But there’s a catch!
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Currently, Binance, Kraken, KuCoin and Coinbase have all said that they will not suspend services in Russia. Coinbase CEO Brian Armstrong told Bloomberg that “crypto is a lifeline for regular Russians” while other CEOs said the same thing but in different words.
On the other hand, when you think about it, it’s really difficult to find Russian-owned crypto wallets and freeze them crypto assets. Basically, the common method to pinpoint these individuals is to look for traces like using online exchanges and lending platforms. Yet, that is highly unlikely.
In case someone holds their crypto key, it would be impossible to restrict access to their funds and freeze their crypto assets. Obviously, these oligarchs will have made sure to secure their assets in case of a legal emergency. In that regard, it is interesting to see crypto remaining persistently anonymous and private despite regulatory actions imposed by governments. Political affiliation aside, we can see once again how crypto is rising up to the occasion and we love it!
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