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 estimated that the banks hold between 150 billion and 200 billion Swiss francs of Russian client money in offshore accounts.
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. 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 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.
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