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

The symbol of Swiss Economical Sector Supervisory Authority FINMA is found outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Picture

BERN, April 5 (Reuters) – While Swiss monetary firms’ business ties to Russia are “not insignificant”, financial marketplace supervisor FINMA does not now foresee a large-scale risk to the Swiss money market place and its balance due to Russia’s invasion of Ukraine, FINMA’s new boss reported on Tuesday.

“In regard of the Ukraine war, we can summarise by expressing that this conflict poses a lot of challenges for the Swiss fiscal sector and accentuated risks for personal institutions,” FINMA Chief Government City Angehrn said in remarks prepared for the watchdog’s yearly media convention, his to start with since assuming the position. “Overall the threats to the economic centre from first spherical consequences are manageable. We are continuing to watch the circumstance to see no matter if the war has even more, oblique consequences on the economical markets.”

Reporting by Brenna Hughes Neghaiwi

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