How many billions of Russian dollars does the Swiss bank keep?
According to the news agency ReutersThe Swiss Bankers Association (SBA) estimates that the country’s banks are holding trusts between 150 billion Swiss francs and 200 billion Swiss francs (about $213 billion) in Russian customers’ funds in foreign accounts. .
Disclosure of asset reports from the SBA is rare, especially for Switzerland, a country known for its anonymity and safety in foreign assets. The unusual move was seen as a response to European Union sanctions over Russian cash.
“This is really unusual for Switzerland, which is favored by the world’s richest as a tax haven and one of the safest places to store their wealth,” RT wrote in an article titled ” Swiss banks reveal how much Russian money they hold.
Besides the amount of money deposited by Russians, the SBA also detailed that this amount is very small compared to the total amount of foreign assets being deposited in Switzerland – a market that has been visited by generations of wealthy people around the world. trust chooses as a safe haven for cash assets.
However, analysts say that the published figures show that the actual extent of Russians doing business with Swiss banks is much larger than what the balance sheet is reported to be. previously announced financial companies.
Swiss banks are holding about $213 billion of Russian customers. Photo: Reuters.
Swiss bank restricts Russian visitors due to sanctions
As a country in the EFTA group but not in the EU, the Swiss people are increasingly questioning its position in the face of great fluctuations in world politics. Mattea Meyer, co-chair of the Social Democrats, called on Switzerland to control any cash belonging to Russians close to President Vladimir Putin and the incumbent government.
Tradition of neutrality aside, last month Switzerland joined countries that increased sanctions against Russia. Specifically, Swiss President Ignazio Cassis announced that the country froze the assets of Russian President Vladimir Putin and 370 politicians and businessmen sanctioned by the European Union, in order to prevent aid for the war between Russia and Ukraine.
Based on data published by several Swiss financial institutions, experts say that the number of Swiss banks that have direct contact with Russian customers seems to have narrowed significantly. Specifically, the country’s two largest banks, UBS and Credit Suisse, last week reported “limited” exposure to Russia. Credit Suisse says only 4% of its deposits belong to Russians. During the bank’s 2021 report, these holdings amount to around 33 billion Swiss francs ($35 billion).
UBS CEO Ralph Hamers said the sanctions have kept his bank busy.
“I can’t update more on the number of customers sanctioned, because it changes daily. New listings appear every night. And we just had time to go through the list and do the reconciliation,” he said. Hamers said at the Morgan Stanley European Finance Conference on Wednesday. He also added that “in principle, every Russian, or holding a Russian passport, is subject to sanctions.”
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