Switzerland's second-largest bank Credit Suisse froze $19 billion of Russian assets - media

Switzerland’s second-largest bank Credit Suisse froze $19 billion of Russian assets – media

Earlier it was reported that the state as a whole blocked Russian assets in foreign currency in the amount of only $8.1 billion.

Switzerland has frozen more Russian foreign currency assets than officially reported. In Credit Suisse alone , the second largest bank in the state, 17.6 billion Swiss francs (more than $19 billion) are blocked.

This information was shared by the publication Sonntagszeitung . Journalists reported that officially Switzerland reported frozen 7.5 billion Swiss francs (about $8.1 billion) in financial assets. And in the state blocked 15 properties belonging to the Russians. In general, the amount of temporarily confiscated assets reached 46.1 billion Swiss francs (almost $50 billion).

However, Credit Suisse recently reported that 17.6 billion Swiss francs in Russian assets were frozen in the bank’s accounts. This is more than a third of all property of Russian citizens registered in the country.

Of the mentioned amount, 4 billion belong to people who fell under Swiss sanctions. The remaining 13.6 billion is the money of Russians who are under the restrictions of other European countries. This may include funds from the Central Bank or directly from the Russian Federation.

(C)UNIAN 2023

One comment

Credit Suisse is in deep trouble at the moment. The motivation for freezing the assets is questionable and may not be because the Swiss have suddenly discovered the right thing to do. The Ukraine invasion may simply be a cover for getting some assets for a “buy-in” that are easily stolen from the owner who can do little about it.