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

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

BERN, April 5 (Reuters) – While Swiss financial firms’ business enterprise ties to Russia are “not insignificant”, economical sector supervisor FINMA does not at the moment foresee a broad-scale threat to the Swiss monetary market and its steadiness due to Russia’s invasion of Ukraine, FINMA’s new manager mentioned on Tuesday.

“In respect of the Ukraine war, we can summarise by stating that this conflict poses a lot of threats for the Swiss money sector and accentuated dangers for specific establishments,” FINMA Main Executive Urban Angehrn explained in remarks geared up for the watchdog’s once-a-year media convention, his initial due to the fact assuming the position. “All round the hazards to the monetary centre from initial round results are workable. We are continuing to check the situation to see irrespective of whether the war has even further, oblique outcomes on the economic marketplaces.”

Reporting by Brenna Hughes Neghaiwi

Our Requirements: The Thomson Reuters Have confidence in Concepts.