Beautiful Virgin Islands

Saturday, Jul 05, 2025

Russians Have Up To $213 Billion Stashed Offshore In Swiss Banks

Russians Have Up To $213 Billion Stashed Offshore In Swiss Banks

This indicates that the extent of wealthy Russians' business with banks in Switzerland is far more extensive than the on-balance sheet exposures several of its financial firms have begun to detail.

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 (SBA) 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.

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.

There is growing Swiss public debate about its role, with Mattea Meyer, co-president of the Social Democrats, calling for Switzerland to clamp down on any cash belonging to Russians close to President Vladimir Putin and his government.

"Part belongs to oligarchs loyal to the Kremlin. The money and their activity...helps finance the war," she said, adding that Switzerland "must do everything possible to turn off the money taps".

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.

The Swiss economy ministry said that it had no meaningful estimates on frozen Russian assets as it tallies reports from banks facing a growing Swiss sanctions list.

Despite its Russian tally estimate, the SBA stressed that this was small compared to overall assets held in Switzerland, which has been regarded by generations of wealthy individuals from around the world as a safe haven for their money.

"The share of assets held for Russian clients likely accounts for a share in the low single-digit percentage range of the total cross-border assets deposited with Swiss banks," it said in an emailed statement to Reuters on Wednesday, referring to money held for clients residing abroad.

Russian Risk


As Western governments unleash a growing list of sanctions in response to Russia's invasion, banks are seeing their business with Russian clients scrutinized far beyond the loans they have granted or business done out of Russian subsidiaries that could lead to balance sheet losses.

Analysts have said direct Swiss bank exposures to Russian clients look manageable, based on what has been made public.

Switzerland's two biggest banks last week detailed "limited" exposures to Russia, with the largest UBS saying a $634 million direct exposure had been cut since year-end.

Credit Suisse Chief Executive Thomas Gottstein on Tuesday said some 4 per cent of the assets Switzerland's second-biggest bank manages for wealthy clients belong to Russians, amounting to tens of billions of dollars.

That is far greater than the 848 million Swiss franc net credit exposure in Credit Suisse's annual report.

While the bank has not provided an updated tally, it managed 827 billion francs in its wealth management businesses at end-2021, so 4 per cent would amount to some 33 billion Swiss francs in assets associated with Russian customers.

UBS and Switzerland's third-largest listed lender, Julius Baer, have declined to detail assets they hold for Russian customers, but UBS CEO Ralph Hamers indicated sanctions were keeping the country's biggest bank busy.

"New lists come out every night," he said, adding that UBS was looking to shield not only against current compliance but also against the risk of future penalties.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
×