Oligarchs and other wealthy Russians have stashed up to $214 billion in secretive Swiss bank accounts | BISouthAfrica
that it had a gross credit exposure to Russia of about 1.6 billion Swiss francs at the end of 2021.
Sweeping sanctions have hit Russia and some of its wealthiest people since the country invaded Ukraine, and Swiss banks appear to be busy keeping up with them. "We are working with our clients, including our Russian clients, to see how to manage their business and de-risk their own situation," UBS CEO Ralph Hamers told the Morgan Stanley European Financials Conference on Wednesday, perHe added:"I can't give a further update on the number of sanctioned clients, because it literally changes every day."
Switzerland has often been attacked by the US, UK, and other governments for enabling criminals and other questionable individuals to hide their wealth, although its banks started
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