Russian clients of Swiss banks deposit nearly 200 billion Swiss francs

A rare disclosure by the Swiss Bankers Association estimates that Swiss banks hold as much as $213 billion in Russian wealth.

According to a report by Swiss SRF TV on the 17th, the latest data released by the Swiss Bankers Association shows that the value of assets belonging to Russian customers deposited in Swiss banks is 150 billion to 200 billion Swiss francs, equivalent to 213 billion US dollars in Russian customer funds, indicating that Russia The wealthy and Swiss banks are far more risky than the exposures on their balance sheets that several financial firms have begun to detail.

The Swiss government joined the first round of EU sanctions on Russia in late February, stipulating that blacklisted Russian customers can no longer withdraw money from their Swiss accounts. This led to discussions about Switzerland’s neutral position. Switzerland also stipulated that Russians with assets of more than 100,000 Swiss francs in Switzerland have until June 3 to declare to the government.

Rohner, president of the Swiss Bankers Association, said the figure was only an estimate for now. Swiss banks have until June to report the exact assets of Russians to the Swiss economy ministry. Rhone declined to provide a specific amount of funds frozen for Russians under Swiss economic sanctions. Russian billionaires including Usmanov, who was recently detained by Europe on a luxury cruise ship, are said to have deposits in Switzerland.

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