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Swiss Banks Hold More Than $200 Billion in Stashed Russian Cash

  • Local banking lobby estimates 150-200 billion Swiss francs
  • Real amount seen dwarfing official statistics on Russia wealth
Credit Suisse headquarters in Zurich.

Credit Suisse headquarters in Zurich.

Photographer: Thi My Lien Nguyen/Bloomberg

Swiss banks may hold more than $200 billion of Russian wealth, the country’s banking lobby estimates, as sanctions shine a spotlight on the extent of Russian wealth stored in overseas vaults.

Banks probably hold between 150 billion ($160 billion) and 200 billion Swiss francs of Russian client money in offshore accounts, according to the Swiss Bankers Association. Credit Suisse Group AG Chief Executive Officer Thomas Gottstein said earlier this week that Russian money accounted for about 4% of assets at the bank’s wealth management division.