Switzerland has recently implemented stricter rules on banking services for Russian citizens, but some banks in the country are still accepting large transfers in rubles from Russia, as reported by Forbes. These banks require transfers of over $10 million in order to exchange rubles for currency, a process that involves coordination with bank specialists to ensure compliance with the law. A small commission is charged for this service.
Although specific banks were not named, Forbes’ sources revealed that at least two of the top ten largest banks in Switzerland are involved in these transactions. In March, Swiss banks began closing accounts of clients with Russian citizenship to avoid the complexities of verifying the legitimacy of their operations.
In 2023, Swiss banks blocked accounts of clients with Russian citizenship who conducted business and paid taxes in Russia. However, restrictions on blocked Russian assets worth 290 million Swiss francs were lifted due to lack of grounds for further blocking. The Insider’s economist Vladislav…
Original from theins.ru