Credit Suisse bank freezes $19 billion in Russian assets

Swiss bank Credit Suisse blocked over $19 billion in Russian money, according to SonntagsZeitung newspaper.

By doing so, Credit Suisse alone reportedly froze a third of all declared Russian assets in Switzerland.

According to the publication, out of the $19 billion, only $4.32 billion belong to people from the Swedish sanctions list. The remaining $14.7 billion are that of people under other countries’ sanctions.

Credit Suisse also reportedly froze funds of the Russian Central Bank or the Russian state.

The State Secretariat for the Economy of Switzerland previously announced the freeze of Russian assets worth $8.1 billion and 15 real estates as part of sanctions the country imposed on Russia for its full-scale invasion of Ukraine.

The newspaper reported that some of the frozen money includes funds from the Russian Central Bank or the Russian state. Switzerland had been a popular banking destination for the elite from Russia and other former Soviet states for decades due to its lax regulations. Western banks are now largely closed off to Russians as punishment for Moscow’s invasion of Ukraine.

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