Bloomberg: The Russians have more than $ 200 billion in Swiss banks

Swiss banks hold more than $ 200 billion in Russian wealth, according to the country’s banking lobby, as sanctions highlight the extent of Russian wealth stored in vaults abroad.

Banks are likely to hold 150-200 billion Swiss francs in offshore accounts, according to the Swiss Bankers Association.

Credit Suisse Group chief executive Thomas Gottstein said this week that Russian capital accounted for about 4% of the bank’s wealth management’s assets.

The country of 8.6 million inhabitants has long been an attractive pole for wealthy Russians, who prefer discretion and its not-so-strict regulatory rules.

While figures from the Bank for International Settlements (BIS) show that Russian companies and citizens have $ 11 billion in Swiss bank accounts (September figures), more than double the equivalent of $ 5 billion in the United Kingdom, that number is far below the extent of Russian wealth in the country, because it does not include investments or assets held in offshore companies.

Private bankers at the country’s largest wealth management companies earlier this month estimated that the Russians had hidden more than $ 100 billion in all of the country’s credit institutions, with one raising $ 300 billion – about as much as 40% of the Swiss economy.

Wealthy Russians with ties to President Putin have seen their assets frozen around the world, while other affluent bank customers who borrowed from Russian assets need to find more collateral after those securities collapsed.

Bloomberg reports that UBS Group and Credit Suisse are activating margin calls on some customers who use Russian bonds as collateral, as they reduce the value of the bond issued by the country and its companies.