Dec 01, 2022
By Jeremy Logan
Since the imposition of sanctions earlier this year, Swiss authorities say have been informed of 46.1 billion Swiss francs ($65 billion CAD) in assets held by Russian nationals and entities in the Alpine country.
Switzerland, which is not a member of the European Union but has close ties with the 27-member bloc, imposed E.U. sanctions on Russia following Moscow’s invasion of Ukraine in February.
Accepting deposits of more than 100,000 francs from Russian citizens or entities has been prohibited since shortly after the war began.
Existing deposits in excess of that limit had to be reported to Swiss authorities by early June.