ZURICH - Switzerland's secretive banks hold up to $213 billion of Russian wealth, the country's financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
The SBA's revelation is rare for Switzerland, which has stone-walled many previous transparency requests, and comes as it took the unusual step of applying European Union sanctions to Russian cash following Moscow's invasion of Ukraine last month. The SBA estimate, which dwarfs initial indications of the credit exposure to Russia, makes clear the scale of the task of imposing sanctions, such as by freezing the cash.
Analysts have said direct Swiss bank exposures to Russian clients look manageable, based on what has been made public. That is far greater than the 848 million Swiss franc net credit exposure in Credit Suisse's annual report.
Source: News Formal (newsformal.com)
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