Oligarchs and other wealthy Russians have stashed as much as $214 billion in secretive Swiss bank accounts.
According to the Swiss Bankers Association, the country's banks hold between 150 billion and 250 billion Swiss Francs.
Switzerland, the world's largest offshore wealth center, is famous for bank secrecy. It comes after Switzerland severed from its neutral status to sanction Russia for its invasion of Ukraine.
The co-president of Switzerland's Social Democrats said that Switzerland must turn off Russian money deposited in it.
The amount of Russian wealth held in Switzerland was small compared to the total assets in the country, according to the SBA.
Insider couldn't reach the SBA during regular business hours.
According to its 2021, annual report, the largest bank by assets has around $634 million in direct exposure to Russia, which is 3% of its total exposure to emerging markets.
Credit Suisse had a gross credit exposure to Russia of about 1.6 billion Swiss Francs at the end of the year, according to its annual report.
Russia and some of its wealthiest people have been hit by sanctions since the country invaded Ukraine, and Swiss banks seem to be 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, according to the CEO of the Swiss bank.
He said that he couldn't give a further update on the number of clients because it was constantly changing.
Switzerland has been attacked by the US, UK, and other governments for enabling criminals and other questionable individuals to hide their wealth, although its banks started sharing some information with overseas tax authorities from 2018?
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