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

The logo of Swiss Financial Marketplace Supervisory Authority FINMA is viewed outdoors their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Picture

BERN, April 5 (Reuters) – Whilst Swiss monetary firms’ business ties to Russia are “not insignificant”, monetary market supervisor FINMA does not presently foresee a extensive-scale threat to the Swiss monetary sector and its balance because of to Russia’s invasion of Ukraine, FINMA’s new boss said on Tuesday.

“In regard of the Ukraine war, we can summarise by declaring that this conflict poses numerous challenges for the Swiss economic sector and accentuated hazards for particular person establishments,” FINMA Main Govt City Angehrn mentioned in remarks prepared for the watchdog’s annual media convention, his initially considering that assuming the part. “All round the pitfalls to the monetary centre from initial spherical effects are manageable. We are continuing to keep track of the circumstance to see no matter whether the war has additional, indirect results on the fiscal marketplaces.”

Reporting by Brenna Hughes Neghaiwi

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