The G7 has privately rebuked Switzerland for not doing enough to fight Russian oligarchs who are evading sanctions. The Financial Times reported this, citing a letter signed by G7 ambassadors in Bern on behalf of the group and the EU ambassador.
The letter says Swiss privacy laws and other “loopholes” are being used by Russians to hide billions offshore.
Bern froze $7.5 billion in Russian assets, according to the Swiss State Secretariat for Economic Affairs, but the G7 ambassadors felt the amount could have been much higher.
“[Swiss officials] failed to freeze assets as part of the protection of dual nationals, legal residents, those with legal ties to Swiss entities, or those with indirect beneficial ownership. We share the concern that these loopholes in the lawsuits expose Switzerland to reputational risk,” the letter said.
The FT obtained a copy of the letter, the authenticity of which was confirmed by high-ranking diplomats from the two G7 countries.
Earlier Bloomberg reported that the U.S. Justice Department decided to check Swiss banks Credit Suisse, UBS and others to see if they helped Russian businessmen circumvent sanctions.
In January, Swiss Foreign Minister Iñazio Cassis said that Bern was under international pressure amid discussions in the West to confiscate Russian assets to rebuild Ukraine.
He stressed that under current Swiss law, it is impossible to seize Russian assets.
“We can’t just take money that doesn’t belong to us,” Kassis stressed.
The Kremlin called the idea of seizing Russian assets in favor of Ukraine a theft. Such actions would lead to problems for those who do so, Russian leader Vladimir Putin warned.
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