Chinese Worry About Impact of Sanctions on Swiss Bank Accounts

A number of bankers said top Swiss bank executives said their wealthy Chinese clients had become more worried about keeping their money in Switzerland due to its sanctions against Russia.

The Financial Times quotes a member of the board of directors of a Swiss bank as saying: “We were not only surprised, but also shocked that Switzerland abandoned its neutral status … I have statistics that hundreds of clients who wanted to open accounts have now given up” .

The newspaper spoke to executives of six Swiss banks, among the country’s top 10 financial institutions, about working with private clients, and they all agreed on the same issue.

Analysts also draw attention to the fact that Asian clients make a significant contribution to the profits of the Swiss banking sector, which accounts for 10% of the country’s GDP.

Meanwhile, a Swiss bank executive said his country was very quick to turn on its Russian clients, telling the newspaper: “At some point we have to draw a line between what (Switzerland) will interfere with and what it will won’t interfere.”

Switzerland has joined almost all European sanctions imposed against Russia since February 24, 2022, and as part of the sanctions, it froze Russian assets in the amount of $8.1 billion.

And the Swiss bank Credit Suisse blocked or froze more than a third of Russian assets registered in Switzerland, valued at 17.6 billion francs (more than $19 billion).

Source: News

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