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

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

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BERN, April 5 (Reuters) – While Swiss money firms’ company ties to Russia are “not insignificant”, economical market place supervisor FINMA does not at present foresee a extensive-scale danger to the Swiss financial sector and its balance owing to Russia’s invasion of Ukraine, FINMA’s new boss stated on Tuesday.

“In regard of the Ukraine war, we can summarise by declaring that this conflict poses numerous challenges for the Swiss economical sector and accentuated hazards for particular person institutions,” FINMA Main Govt Urban Angehrn said in remarks ready for the watchdog’s annual media convention, his first given that assuming the part. “In general the dangers to the economic centre from first spherical consequences are manageable. We are continuing to observe the situation to see no matter if the war has additional, indirect consequences on the economic markets.”

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Reporting by Brenna Hughes Neghaiwi

Our Criteria: The Thomson Reuters Trust Concepts.