Support The Moscow Times!

Russians Have $200Bln in Swiss Bank Accounts – Reuters

Emerson7 (CC BY-SA 3.0)

Rich Russians have around $200 billion stashed in super secretive Swiss bank accounts, the country’s banking industry association estimates, as cited by Reuters.

In a rare public statement on client holdings, the Swiss Bankers Association said it estimated Russians held 150-200 billion Swiss francs ($161-214 billion) with banks based in the country. 

The figure — which is far above the official exposure to Russia that lenders have accounted for on their balance sheets — reveals the extent to which rich Russians have capitalized on Switzerland’s private financial industry to store their wealth abroad.

Russia is one of the world’s most unequal countries, and the war has turned a spotlight on the Western countries that have allowed oligarchs to buy up property and assets in their jurisdictions with ease.

In London, protestors occupied a luxury mansion owned by Oleg Deripaska — once named “Putin’s favorite industrialist” — after his assets were frozen in the latest round of sanctions, and there are growing calls to use frozen property to house Ukrainian refugees fleeing the conflict.

The Swiss holdings — likely controlled by a small number of ultra-wealthy Russians — are equivalent to $1,400 for every Russian, or six months’ average salary for every worker in the country.

Switzerland’s top secret banking code has again come under fire in the wake of Moscow's invasion of Ukraine. Banks in the country told Reuters they are complying with the waves of new sanctions imposed on wealthy Russians, which include asset freezes and travel bans on hundreds of individuals.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more