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

The brand of Swiss Money Marketplace Supervisory Authority FINMA is seen outdoors their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Image

BERN, April 5 (Reuters) – Whilst Swiss economic firms’ small business ties to Russia are “not insignificant”, monetary market place supervisor FINMA does not currently foresee a wide-scale threat to the Swiss fiscal current market and its balance thanks to Russia’s invasion of Ukraine, FINMA’s new boss reported on Tuesday.

“In respect of the Ukraine war, we can summarise by saying that this conflict poses many pitfalls for the Swiss fiscal sector and accentuated challenges for particular person institutions,” FINMA Chief Executive City Angehrn claimed in remarks prepared for the watchdog’s yearly media convention, his initial since assuming the function. “Over-all the risks to the monetary centre from initial round effects are manageable. We are continuing to keep an eye on the circumstance to see no matter if the war has further, oblique effects on the money markets.”

Reporting by Brenna Hughes Neghaiwi

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