The Federal Council does not expect large sums of money to come out

Can Russia’s oligarchs withdraw their money before Switzerland imposes sanctions? The Federal Council does not expect that.

The basics in brief

  • The Russian oligarchs may have withdrawn the money before the sanctions came into effect.
  • However, the Federal Council does not assume that larger quantities have flowed away.

The Federal Council has no information on how much money people connected to Russian President Vladimir Putin and the oligarchs withdrew from Switzerland. This was stated by Finance Minister Ueli Maurer during the question period in the National Assembly on Monday.

Maurer said there was no information on the credit or the movements.

But he stressed that Switzerland adopted EU financial sanctions against Russia in the shortest possible time. The move froze the assets of those close to Putin, members of the Russian State Duma and businessmen.

Russia’s importance is exaggerated

According to the finance minister, Russia’s importance to the Swiss financial center is generally exaggerated. The money that has flowed should not be billions.

The left in particular criticized last week that the Federal Council had acted very reluctantly regarding the sanctions. This would have given the sanctioned persons the opportunity to transfer assets.

Maurer stressed in the National Assembly that banks are proceeding with great caution in order to implement the sanctions of the international community as a whole. The background is that Swiss banks must comply with US penal code if they want to do business in the US.

More on this topic:

Vladimir Putin Ueli Maurer National Council European Union Federal Council


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