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 offshore accounts.
This shows that the extent of the wealthy Russians ‘transactions with banks in Switzerland, the world’s largest offshore fortune, is much more extensive than it appeared on banks’ financial balance sheets.
The SBA’s revelation is rare for Switzerland, which has vehemently rejected many previous demands for transparency and comes at a time when it has taken the unusual step of imposing EU sanctions on Russian capital following Moscow’s invasion of Ukraine last month.
There is a growing public debate in the country about her role, with Mattea Meyer, co-chair of the Social Democrats, urging Switzerland to “tighten the noose” on any Russian-owned assets close to President Vladimir Putin and his government.
“Part of it belongs to oligarchs in the Kremlin. Their money and activities help finance the war,” she said, adding that Switzerland “must do everything possible to close the taps on money.”
The SBA’s assessment, which overshadows the initial indications of a bank exposure in Russia, makes clear the magnitude of the sanctioning task, such as the freezing of funds.
The Swiss Finance Ministry has said it has no substantive assessments of frozen Russian assets as it compiles reports from banks facing a growing Swiss sanctions list.
Despite the assessment of Russian assets, the SBA stressed that these were a small percentage compared to the total assets located in Switzerland, which is considered a safe haven for the money of the rich.
“The share of Russian clients’ assets is likely to represent a low single-digit share of total cross-border assets deposited in Swiss banks,” he said in an e-mail to Reuters on Wednesday.
Source: Capital
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