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 […]
Tag: Switzerland
The Russians have $ 216 billion in offshore deposits in Swiss banks
Swiss banks hold $ 213 billion in Russian wealth, according to the country’s financial corporations, as sanctions against Russia give a rare glimpse into the interior of Swiss treasuries. The Swiss Banking Association (SBA) estimates that banks hold between 150 billion and 200 billion Swiss francs ($ 213 billion) in money from Russian customers in […]
Switzerland is stepping up economic sanctions against Belarus
Switzerland has tightened its economic sanctions against Belarus, the government said today, citing the Eastern European country’s support for the Russian invasion of Ukraine. Neutral Switzerland has fully adopted the economic sanctions against Belarus, which have already been imposed by the EU on 2 and 9 May. The sanctions, which take effect today, are mainly […]
The Swiss government lowers the GDP forecast for 2022 in the face of the Ukraine crisis
As a result of rising inflation and the war between Russia and Ukraine, the Swiss government lowers the country’s GDP forecasts for this year. Featured Details The Swiss government expects GDP growth (sporting event attached) from 2022 of 2.8% (previous forecast was +3.0%). The government estimates GDP growth of 2023 the +2.0% (previous forecast was […]
Switzerland: Expects growth of 2.8% for 2022
Switzerland’s economy will grow by 2.8% this year, according to government forecasts, which are lower than previously estimated due to the war in Ukraine and higher inflation. The government, which previously predicted that the economy would grow by 3% in 2022, kept the estimates for 2023, for growth of 2%. The war in Ukraine “poses […]
Swiss banks give hourly reports on frozen Russian assets
Swiss banks are providing up-to-date information on progress in imposing sanctions on Russians and Russian companies, Economy Minister Guy Parmelen said today, and the government plans to announce soon all the frozen assets. Switzerland has adopted European Union sanctions against Russians and Russian companies, in clear departure from its traditional neutrality, ordering the “freezing” of […]
Switzerland: Up to 15 million Ukrainian refugees may arrive
A larger-scale war in Ukraine could lead to the displacement of 15 million people, the Swiss Minister of Justice said today, citing estimates by the UN High Commissioner for Refugees. “If you assume that hostilities continue, that the Russian army is advancing more powerfully into western Ukraine, that there may be escape routes, then almost […]
Switzerland adopts new EU sanctions against Moscow
The Swiss government today expanded sanctions against Russia in line with further measures imposed by the European Union, restricting exports and financial services to the country due to the largest attack on a European state since World War II. In a sharp departure from its traditional neutrality, Switzerland moved on Monday to adopt EU sanctions […]
Traditionally Neutral Switzerland Changes Attitude – Putin, Misustin, Lafrov Freeze Assets
Switzerland, traditionally neutral in international conflicts, has decided to adopt sanctions imposed by the 27-nation European Union on Russian officials and citizens involved in the invasion of Ukraine, condemning the Kremlin’s military offensive, a rare move for the Central European country. Swiss President Ignacio Cassis had said on Sunday that it was “very likely” that […]
Ukraine: Switzerland in solidarity with the West over Russia, but wants to ‘keep the channels open’
Switzerland will act in solidarity with the West to punish Russia for its invasion of Ukraine while maintaining its traditional neutrality possibly to mediate the conflict, government officials said today. Although it has not adopted EU sanctions against Russia, Switzerland will take measures against targeted individuals, companies and organizations so that they can not use […]