Switzerland is tightening the screws on Russia’s crypto lifelines. On May 22, the Swiss Federal Council announced it would adopt most of the European Union’s 20th sanctions package against Russia and Belarus, a sweeping set of restrictions that, for the first time at this scale, takes direct aim at crypto-asset service providers and decentralized finance platforms linked to the Kremlin’s financial apparatus.

The move continues a pattern that started in February 2022, when Switzerland broke with decades of reflexive neutrality to freeze Russian assets following the invasion of Ukraine.

What the sanctions actually cover

The EU’s 20th sanctions package, originally adopted on April 23, adds 120 new designations…