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

The logo of Swiss Money Industry Supervisory Authority FINMA is found outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Photo

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BERN, April 5 (Reuters) – Even though Swiss economical firms’ organization ties to Russia are “not insignificant”, monetary industry supervisor FINMA does not at present foresee a vast-scale threat to the Swiss financial marketplace and its security owing 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 numerous dangers for the Swiss fiscal sector and accentuated dangers for unique institutions,” FINMA Main Executive City Angehrn reported in remarks prepared for the watchdog’s yearly media meeting, his 1st considering that assuming the part. “In general the risks to the financial centre from first spherical effects are manageable. We are continuing to keep an eye on the circumstance to see whether the war has further, oblique consequences on the fiscal markets.”

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Reporting by Brenna Hughes Neghaiwi

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