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Russians have up to $213 billion stashed in Swiss banks
By Oliver Hirt and Brenna Hughes Neghaiwi
Reuters
Thursday, March 17, 2022
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 Swiss Bankers Association estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.
This indicates that the extent of wealthy Russians' business with banks in Switzerland, the world's biggest centre for offshore wealth, is far more extensive than the on-balance-sheet exposures several of its financial firms have begun to detail. ...
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