Overcoming restrictions, how do rich Russians still deposit money in Swiss banks?

On September 14, Tamedia media reported that wealthy Russians continue to transfer money through Swiss bank accounts.

Julius Baer bank logo in Zurich, Switzerland. (Source: Reuters)

According to Tamedia , the family of Alexander Ponomarenko, head of the Russian water company Mosvodokanal, "hoarded millions of dollars in Switzerland, even after the special military operation in Ukraine broke out."

According to documents obtained by Tamedia , in June 2022, Ponomarenko's daughter opened an account at Reyl Bank in Zurich "almost simultaneously." Shortly afterward, the documents revealed that she deposited $9.5 million there.

As of November 2022, Ponomarenko's girlfriend had nearly $26 million in Julius Baer bank and $4.5 million in Pictet bank.

Switzerland has decided to comply with European Union (EU) sanctions against Moscow – just four days after Russia launched its military operation in Ukraine.

In 2022, the wealthy Alpine nation banned banks from accepting deposits from Russian citizens or people or organizations based in Russia in amounts above 100,000 francs ($112,000).

Several banks, including Julius Baer, ​​have announced they will cut ties with Moscow clients.

However, these restrictions are easily circumvented, due to other reasons that make it easy for wealthy Russians to obtain “golden passports”.

According to the Tamedia news agency, Ponomarenko's girlfriend and daughter hold passports and residence permits from an EU country, which allows them to avoid being counted as Russian customers.

Source: https://baoquocte.vn/vuot-han-che-gioi-nha-giau-nga-van-gui-tien-tai-ngan-hang-thuy-sy-bang-cach-nao-242169.html