Oligarchs and other wealthy Russians have stashed as much as $214 billion in secretive Swiss bank accounts, the industry’s top trade group has revealed.
On Thursday, the Swiss Bankers Association (SBA) told Reuters that the country’s banks held between 150 billion and 250 billion Swiss francs ($160 billion to $214 billion) of Russian money.
The SBA’s revelation is unusual because Switzerland, the world’s largest offshore wealth center, is famous for bank secrecy. However, it comes after Switzerland departed from its historically neutral status to sanction Russia over its invasion of Ukraine.
