Higher compliance costs will turn rich Russian clients into financial baggage, writes LJucca
Ukrainian President Volodymyr Zelenskiy on March 19 urged Switzerland to crack down on Russian oligarchs who he said were helping to wage war on his country from the safety of “beautiful Swiss towns”.
Swiss private banks hold between 150 billion Swiss francs and 200 billion Swiss francs of Russian wealth in offshore accounts, according to estimates from the Swiss Bankers Association.A general view shows trams in front of the headquarters of Swiss bank Credit Suisse and an office building of UBS at the Paradeplatz square in Zurich, Switzerland June 30, 2020.
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