Swiss bank Credit Suisse freezes $19 billion worth of Russian assets

13 February, 12:47 PM
Credit Suisse (Photo:REUTERS/Arnd Wiegmann)

Credit Suisse (Photo:REUTERS/Arnd Wiegmann)

Credit Suisse Group AG has frozen Russian assets worth CHF 17.6 billion (over $19 billion), German newspaper Sonntags Zeitung reported on Feb. 11.

Sonntags Zeitung wrote that the assets account for about one third of all Russian assets declared in Switzerland. Only about CHF 4 billion ($4.3 billion) are of individuals sanctioned by Switzerland, while another CHF 13.6 billion ($14.7 billion) belongs to people sanctioned by other countries.

"Besides, it could be the money of the Russian central bank or state money that does not fall under any sanctions, but they are de-facto frozen," the newspaper added.

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Another $8.1 billion and 15 real estate objects were seized in Switzerland earlier, following the Russian full-scale invasion of Ukraine, Sonntags Zeitung wrote.

On Jan. 25, the Swiss introduced a new package of sanctions against Russia, in particular in regard to about 200 individuals and entities, as well as sanctions on goods exports.

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