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Credit Suisse has frozen over CHF 17 billion in Russian assets

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February 12,2023 853
Credit Suisse has frozen over CHF 17 billion in Russian assets

Credit Suisse, Switzerland’s second-largest bank, has blocked CHF 17.6 billion (over $19 billion) in Russian assets, according to media reports that refer to SonntagsZeitung.

Earlier, Switzerland officially announced that it had frozen a total of CHF 7.5 billion in Russian money in connection with the sanctions imposed over Russia’s war in Ukraine, according to Euronews, which is less than half of what is blocked in Credit Suisse alone.

SonntagsZeitung says only CHF 4 billion of the CS-blocked amount belongs to individuals on the Swiss sanctions list, the rest CHF 13.6 billion being owned by Russia’s Central Bank and the Russian state, as well as Russian nationals sanctioned by third countries.

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