BERN – While Swiss financial firms’ business ties to Russia are “not insignificant”, financial market supervisor FINMA does not currently foresee a wide-scale threat to the Swiss financial market and its stability due to Russia’s invasion of Ukraine, FINMA’s new boss said on Tuesday.
“In respect of the Ukraine war, we can summarise by saying that this conflict poses numerous risks for the Swiss financial sector and accentuated risks for individual institutions,” FINMA Chief Executive Urban Angehrn said in remarks prepared for the watchdog’s annual media conference, his first since assuming the role. “Overall the risks to the financial centre from first round effects are manageable. We are continuing to monitor the situation to see whether the war has further, indirect effects on the financial markets.”
(Reporting by Brenna Hughes Neghaiwi)