![]() ![]() Existing transactions must be reported to the Federal Economic Office. Relationships with her 363 Russians and her four Russian companies. ![]() Federal Councilor for Economic Affairs Guy Parmelin said Switzerland is obliged to comply with UN sanctions but can decide whether to comply with EU sanctions based on criteria such as foreign policy and legal aspects. Swiss news agency SDA-ATS reported that net remittances for the first half of 2021 were her $1.8 billion. “Switzerland has for years been by far the top destination for wealthy Russians in the world to manage their wealth,” the report said, adding that in 2020 the net It added that remittances totaled $2.5 billion. The government announced on Friday that Swiss financial intermediaries are now banned from entering into new business. Russian individuals and companies hit by the sanctions have pledged that they will not be able to escape them in Switzerland, which is not part of the EU 27 member state. Swiss officials have not announced unilateral sanctions against Russian interests after Moscow’s violent military actions in Ukraine. Russia’s invasion of Ukraine is a test of Switzerland’s proud neutrality, its traditional role as an international broker and its reputation as a safe haven for Russia’s richest and most powerful assets increase. ![]()
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