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Thursday, June 13, 2024

Switzerland. Russian assets in the amount of 17.6 billion francs were blocked at Credit Suisse

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Officially in Switzerland, due to the war in Ukraine, assets worth 7.5 billion Swiss francs are frozen. Credit Suisse (CS), however, has much more Russian money, as much as 17.6 billion Swiss francs, the use of which by their owners is prohibited, writes the daily Tages Anzeiger.

Since Vladimir Putin invaded Ukraine, Switzerland blocked Russian financial assets worth about 7.5 billion Swiss francs plus 15 properties. In total, however, 46.1 billion francs were recorded in Russian assets, Tages Anzeiger reported.

“When it comes to the money of the Russian state and the Russian national bank, things get complicated. Officially, these funds are not sanctioned, so they are not officially blocked. But any transactions with this money are prohibited. This means that they are de facto frozen.” – we read in the text.

Frozen assets

CS now reports that it has blocked or frozen 17.6 billion francs worth of Russian assets. This is more than a third of all reported Russian assets in Switzerland. Of this, apparently only about 4 billion francs come from people on the sanctions list, the newspaper notes.

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The remaining 13.6 billion francs could be people who are sanctioned elsewhere – like Viktor Vekselberg, who is known to have an account with CS but unable to withdraw his money. In addition, it may be money from the Russian central bank or the Russian state, which is not sanctioned by Switzerland, but de facto frozen, writes “Tages Anzeiger”.

Main photo source: Mikadun / Shutterstock.com

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