London Daily

Focus on the big picture.
Sunday, Oct 19, 2025

Russians Have Up To $213 Billion Stashed Offshore In Swiss Banks

Russians Have Up To $213 Billion Stashed Offshore In Swiss Banks

This indicates that the extent of wealthy Russians' business with banks in Switzerland is far more extensive than the on-balance sheet exposures several of its financial firms have begun to detail.

Switzerland's secretive banks hold up to $213 billion of Russian wealth, the country's financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.

The Swiss Bankers Association (SBA) estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.

This indicates that the extent of wealthy Russians' business with banks in Switzerland, the world's biggest centre for offshore wealth, is far more extensive than the on-balance sheet exposures several of its financial firms have begun to detail.

The SBA's revelation is rare for Switzerland, which has stone-walled many previous transparency requests, and comes as it took the unusual step of applying European Union sanctions to Russian cash following Moscow's invasion of Ukraine last month.

There is growing Swiss public debate about its role, with Mattea Meyer, co-president of the Social Democrats, calling for Switzerland to clamp down on any cash belonging to Russians close to President Vladimir Putin and his government.

"Part belongs to oligarchs loyal to the Kremlin. The money and their activity...helps finance the war," she said, adding that Switzerland "must do everything possible to turn off the money taps".

The SBA estimate, which dwarfs initial indications of the credit exposure to Russia, makes clear the scale of the task of imposing sanctions, such as by freezing the cash.

The Swiss economy ministry said that it had no meaningful estimates on frozen Russian assets as it tallies reports from banks facing a growing Swiss sanctions list.

Despite its Russian tally estimate, the SBA stressed that this was small compared to overall assets held in Switzerland, which has been regarded by generations of wealthy individuals from around the world as a safe haven for their money.

"The share of assets held for Russian clients likely accounts for a share in the low single-digit percentage range of the total cross-border assets deposited with Swiss banks," it said in an emailed statement to Reuters on Wednesday, referring to money held for clients residing abroad.

Russian Risk


As Western governments unleash a growing list of sanctions in response to Russia's invasion, banks are seeing their business with Russian clients scrutinized far beyond the loans they have granted or business done out of Russian subsidiaries that could lead to balance sheet losses.

Analysts have said direct Swiss bank exposures to Russian clients look manageable, based on what has been made public.

Switzerland's two biggest banks last week detailed "limited" exposures to Russia, with the largest UBS saying a $634 million direct exposure had been cut since year-end.

Credit Suisse Chief Executive Thomas Gottstein on Tuesday said some 4 per cent of the assets Switzerland's second-biggest bank manages for wealthy clients belong to Russians, amounting to tens of billions of dollars.

That is far greater than the 848 million Swiss franc net credit exposure in Credit Suisse's annual report.

While the bank has not provided an updated tally, it managed 827 billion francs in its wealth management businesses at end-2021, so 4 per cent would amount to some 33 billion Swiss francs in assets associated with Russian customers.

UBS and Switzerland's third-largest listed lender, Julius Baer, have declined to detail assets they hold for Russian customers, but UBS CEO Ralph Hamers indicated sanctions were keeping the country's biggest bank busy.

"New lists come out every night," he said, adding that UBS was looking to shield not only against current compliance but also against the risk of future penalties.

Newsletter

Related Articles

0:00
0:00
Close
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
California County Reinstates Mask Mandate in Health Facilities as Respiratory Illness Risk Rises
Israel and Hamas Agree to First Phase of Trump-Brokered Gaza Truce, Hostages to Be Freed
×