October 7, 2022

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The Business Effect

Swiss finance faces “manageable” first-round effects from Ukraine conflict, financial market supervisor says

The brand of Swiss Fiscal Market place Supervisory Authority FINMA is witnessed exterior their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Picture

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BERN, April 5 (Reuters) – Although Swiss financial firms’ organization ties to Russia are “not insignificant”, monetary market place supervisor FINMA does not at this time foresee a large-scale danger to the Swiss fiscal current market and its security due to Russia’s invasion of Ukraine, FINMA’s new manager stated on Tuesday.

“In regard of the Ukraine war, we can summarise by saying that this conflict poses numerous dangers for the Swiss economic sector and accentuated hazards for individual establishments,” FINMA Main Government Urban Angehrn claimed in remarks well prepared for the watchdog’s yearly media meeting, his 1st due to the fact assuming the function. “In general the threats to the monetary centre from initially spherical effects are workable. We are continuing to watch the situation to see regardless of whether the war has further more, indirect consequences on the fiscal markets.”

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Reporting by Brenna Hughes Neghaiwi

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