Switzerland's secretive banks hold up to $213 billion of Russian wealth, the country's financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
By Oliver Hirt and Brenna Hughes Neghaiwi
This indicates that the extent of wealthy Russians' business with banks in Switzerland, the world's biggest centre for offshore wealth, is far more extensive than the on-balance sheet exposures several of its financial firms have begun to detail. "Part belongs to oligarchs loyal to the Kremlin. The money and their activity ... helps finance the war," she said, adding that Switzerland "must do everything possible to turn off the money taps".
Despite its Russian tally estimate, the SBA stressed that this was small compared to overall assets held in Switzerland, which has been regarded by generations of wealthy individuals from around the world as a safe haven for their money.
Credit Suisse Chief Executive Thomas Gottstein on Tuesday said some 4% of the assets Switzerland's second-biggest bank manages for wealthy clients belong to Russians, amounting to tens of billions of dollars.
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