Credit Suisse freezes $5bn of Russian money due to Trump’s sanctions snit
The move by the Swiss bank underscores a widespread fear among banks of reprisals from the US for working with targeted Russian individuals and entities
Zurich — One of Switzerland’s largest banks, Credit Suisse, has frozen roughly Sf5bn ($5bn) linked to Russia to avoid falling foul of US sanctions, according to its accounts, further increasing pressure on Moscow. 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. For Russia’s elite, such steps could close off an important avenue for finance as well as a safe haven for billions of roubles of their wealth. "Credit Suisse works with international regulators wherever it does business to ensure compliance with sanctions, including compliance with sanctions involving Russia," said a spokesperson for the bank, which did not identify the owners of the money. Long popular with wealthy Russians for its combination of bank secrecy, political sta...
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