Credit Suisse freezes $5 billion in Russian money due to US sanctions

Credit Suisse freezes $5 billion in Russian money due to US sanctions

Swiss bank Credit Suisse, one of the largest in the State has frozen the accounts of $5 billion associated with Russian Federation due to the U.S. sanctions.

There is reportedly growing fear among Western banks of reprisals from the United States for working with targeted Russian individuals and entities.

Credit Suisse reacted to media reports about an alleged freezing of Russian clients' assets.

"Credit Suisse is everywhere has partnered with worldwide regulators in order to enforce the sanctions, including those concerning Russian Federation", - reports comment Bank, Reuters, reports UNN.

The reclassification meant that the assets no longer were treated as "under management" but instead "under custody", which did not constitute a freeze on the money, Credit Suisse said. "Neither did this result in any financial loss or provision".

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Credit Suisse is being cautious in part because of earlier bad experiences.

The move by Credit Suisse, which owned aircraft surrendered by Russian tycoon Oleg Deripaska and had lent money to Russian oligarch Viktor Vekselberg before the sanctions, underscores a widespread fear among banks of reprisals from Washington for working with targeted Russian individuals and entities.

Switzerland has been one of destinations for money leaving Russian Federation.

Switzerland is a favoured destination for Russian roubles, with many oligarchs choosing to send their money to the safety of the Swiss Alps: in 2017, around $6.2 billion, or 14 percent of total Russian cross-border outflows, went to Switzerland, according to Russian central bank data.

Other Swiss banks, including UBS and Julius Baer, told Reuters they also complied with the sanctions regime, but declined to say whether they had enforced similar measures.

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