How much money do the Russians have in Switzerland?
The Swiss Association of Bankers (SBA) has estimated that banks hold between 150 and 200 billion Swiss francs or 192 billion euros of Russian clients in offshore accounts.
The Swiss Association of Bankers decided to disclose this information after Switzerland took an unusual step and, after the Russian occupation of Ukraine, decided to apply European Union sanctions on Russian money.
In Switzerland, there is a growing public debate over Russia’s wealth in its banks, with Social Democrat co-chair Mattea Meyer calling for a blockade of money belonging to Russians to President Vladimir Putin and his government because it helps finance the war.
For the first time, Credit Suisse presented in detail its net credit exposure to Russia at the end of the year, which included lending to wealthy clients, as well as exposure to trade finance and investment banks.
Credit Suisse said it had a gross exposure to Russia of 1.6 billion francs (1.55 billion euros) at the end of 2021 and revealed the extent of potential losses as Western sanctions excluded Russia from the global financial system. UBS registers an exposure to Russia worth 570 million euros
