UBS kicks out oligarch clients: US banks everywhere deal with troubled Russians

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The “Cyprus Confidential” data leak shows that 20 oligarchs had accounts in Switzerland in the period after Russia invaded Crimea in 2014. The Swiss banking center cannot dispel the suspicion that it is profiting from the money of unjust states. UBS and Co. Now he kicked out the rich Russians. It did so after US officials announced they would no longer tolerate Russia’s financial lapses in 2021. “Tamedia” research shows that US banks everywhere are then dealing with vulnerable customers.

As the new data leak reveals, UBS still had many top oligarchs as clients at the time of the US alert two years ago. Multi-billionaire and former Chelsea owner Roman Abramowitsch, 57, was among the customers. There was a total of $50 billion of Russian money in Switzerland’s largest bank. But UBS quickly mitigated the risk: “I know UBS was one of the first banks to come clean on the Russia issue,” says a non-UBS source in the financial hub of Zurich.

As part of this cleaning operation, even Swiss lawyers, notaries, trustees and financial advisors operating in Russia were dismissed. Due to sanctions, Russia’s funds dropped to 20 billion dollars, and 2 billion dollars were frozen. Some returned to Russia. However, a significant part of it remained in the West. Because other banks missed the change in the general political climate and alienated their problematic customers from UBS.

‘Hypocritical’ behavior from the USA

Insiders say a significant portion of risky funds flowed from UBS to banks in London, Paris and New York. This is a highly explosive accusation. In March, US Ambassador to Switzerland Scott Miller raised a warning finger in an interview with “NZZ”. “Switzerland should not be used to circumvent sanctions against Russia.” Banks in the USA and France contacted by Tamedia do not want to comment on the allegations. Finma also refused to provide a response on the matter.

Some money also flowed to Swiss banks such as Credit Suisse. Even after the war started, there were banks in this country that continued to do business with problematic Russians. Still, Swiss bankers are furious.

“The behavior of the United States is not only hypocritical, it is also an attack on our financial centre,” says Hans-Peter Portmann (60), FDP National Assembly Member and Vice President of the Zurich Banking Association. “The USA has wanted to weaken the Swiss financial center for years, but it is opening the doors wide to all money. But as long as the US dollar is the reserve currency, we have no chance of fighting it.” (Snap)

Source :Blick