In Switzerland, about 22 billion dollars of Russians may be subject to sanctions

In Switzerland, about $22 billion of Russians could be sanctioned.

According to international agencies, Russian investments worth about $22 billion are placed in Swiss banks, which are potentially subject to sanctions.

Switzerland has joined the European sanctions due to recent political developments, although not immediately. It froze the funds of a number of Russian individuals and legal entities placed in its credit institutions.

According to the state authorities of the country, the amount of frozen assets is about 7.5 billion Swiss francs or 7.8 billion dollars. At the same time, according to the country's financial association, the total amount of funds of Russian origin held in Swiss banks is approximately $214 billion. That is, the percentage of frozen assets is quite small.

Not all financial holdings previously disclosed the details of assets and did not report the share of Russian clients' funds. But in April, this data appeared in a quarterly report. It became known that only 0.7% of the assets of the large holding UBS in the amount of 3.145 trillion dollars are associated with Russian persons who do not live in the European Union or Switzerland. These funds are potentially subject to sanctions.

The bank said that as a result of the sanctions, some Russian clients have withdrawn their assets. The bank also declined to comment on the blocking of any assets, citing the practice of other credit institutions.

According to the holding, at the end of 2021, about $20 billion of Russian clients were placed in its credit institutions, but over the last quarter, assets decreased by $0.4 billion.

The bank also said that it lost about $100 million as a result of interaction with Russian business in the first quarter of 2022.

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