Switzerland has joined the EU sanctions zone. The property of wealthy Russians is being confiscated from bank accounts to real estate and luxury yachts.
Up to $ 213 billion in Russian funds has been deposited in Switzerland.
Freezing and tracing funds is a complex process. Banks scrutinize accounts and bank transfers to find sanctioned funds.
For example, Credit Suisse has suggested that about 20 bank employees could work nights and weekends as well as on holidays to clear accounts.
Land registries try to compare homeowners ’lists with names on foreclosure listings. The comparison is said to be difficult due to the different spellings of the names.
Anti-corruption expert Mark Pieth The Basel Institute of Governing says there are far too few staff in the banks to track funds.
Switzerland did not impose sanctions when Russia took over Crimea in 2014. According to Mark Pieth, Switzerland has so far assisted the oligarchs on the contrary. .
– In at least one case, an oligarch owned by a Swiss company was placed under Swiss sanctions less than a week after EU sanctions, explains Mark Pieth.
This allowed the Russian businessman to sell the property before the sanctions came into force.
Luxurious chalet seized in the canton of Bern
Swiss authorities confiscate luxury apartment in canton of Bern, believed to belong to a Russian businessman Petr Avenille. Aven, a close associate of President Vladimir Putin, is owned by Alfa, a large Russian private bank.
The three-bedroom apartment is located in a golf center in the mountains, says NZZ am Sonntag magazine.
Earlier this month, Italian authorities seized property in Sardinia that is thought to be at least partially owned by Aven.