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Switzerland Froze $8 Billion of Russian Financial Assets, Russians Held $50 Billion of Deposits & Estimated $160 Billion to $210 Billion of Wealth in Switzerland 

4th December 2022 | Hong Kong

Switzerland State Secretariat for Economic Affairs (SECO) provided an update of $8 billion (CHF 7.5 billion, 1/12/22) of Russian financial assets frozen in Switzerland, with Russians holding around $50 billion (CHF 46.1 billion) of deposits (3/6/22) and $160 billion to $210 billion of wealth (CHF 150 billion to CHF 200 billion, estimates by Swiss Bankers Association) in Switzerland.  Only bank deposits in Switzerland with more than CHF 100,000 are included in the update, and excludes securities.  Switzerland officials are also looking into possible violation of the reporting rules.

 



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“ Switzerland Freezes $8 Billion of Russian Financial Assets, Russians Held $50 Billion of Deposits & Estimated $160 Billion to $210 Billion of Wealth in Switzerland “

 

In November 2022, British crown dependency & tax haven Jersey apologised to Russian billionaire Roman Abramovich for conducting unlawful search on his properties in Jersey in April 2022 following imposed sanctions on him (after Russia military operations in Ukraine), and has agreed to pay damages & costs for the unlawful search and to destroy documents. 

Earlier in November 2022,  Germany police had raided UBS office in Frankfurt & Munich for money laundering & tax evasion, targeting at sanctioned Russian billionaire oligarch Alisher Usmanov.  Russian billionaire Alisher Usmanov is estimated to have a personal fortune of $14 billion (2022). 

In October 2022, Russian billionaire Alexey Mordashov (Age 57) $521 million Nord SuperYacht has docked near Hong Kong Victoria Harbour, with the Hong Kong government responding that Hong Kong is accountable to United Nations sanctions and not to individual country imposed sanctions such as by United States, United Kingdom or European Union.

 

7.5 billion of Russian assets have been frozen in Switzerland

 

Neutral Swiss join EU sanctions against Russia




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