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Date: 5 months ago   Category: Finances

"The sanctions car". Credit Suisse has frozen $5 billion connected with Russia


Two other large Swiss bank, UBS and Julius Baer, have also declared the commitment to observance of the mode of sanctions of the Photo: Arnd Wiegmann/Reuters In Switzerland was frozen by money of Russians. According to Reuters, Credit Suisse has blocked about 5 billion Swiss francs (a little more than 5 billion dollars) on the accounts linked with Russia to avoid hit under sanctions of the USA.B bank have refused to reveal names of owners of frozen accounts. "Credit Suisse cooperates with the international regulators to provide execution of sanctions, including the sanctions connected with Russia" — the representative of bank has told the agency. Two other large Swiss bank, UBS and Julius Baer, have also declared the commitment to observance of the mode of sanctions, but have refused to report whether accounts someone from their clients have been frozen, RBC reports. Who else can follow the example of Credit Suisse? Alexey Karpenko is a lawyer, the senior partner of the Forward Legal company "It is possible to speak about now if information on blocking of means of Credit Suisse really is confirmed that not at the state level and not the American institutions and the companies, and already at the private level and at the level international sanctions have really begun to make big problems and to cause essential inconveniences to the Russian business. Certainly, it is very bad signal for Russia as the states and for her business. It is clear, what to execute or to execute the sanction, for example for the European companies, the European banks, is a question of the free choice so far. Americans threatened so-called secondary sanctions, but so far these threats haven't been given. In a sense history with Credit Suisse or, for example, with what now occurs in Cyprus is that early birds, first signs is called. Respectively, who will be following, absolutely unclear. There can be anyone, any bank can follow in any country their example". What will be done by those whose money in the Swiss banks has been frozen and as this situation will develop further, the CEO of National Energy Security Fund Konstantin Simonov:konstantin Simonov the CEO of National Energy Security Fund "Argues in the beginning will ask the government about the help as it has already happened in a case to same RUSAL. We will assume that sooner or later the government will make a helpless gesture, will tell, there is no money, and will refuse such requests if applicants become too much. This pressure with the purpose to provoke our large businessmen to a coup in the country is an obvious nonsense. They will never go to such scenario, at least because they not only, figuratively speaking, are afraid of Putin and understand what consequences can be — they will hardly believe that party. From what suddenly they will be sure what these assets will defreeze after such quite risky operation? Therefore it seems to me that this sanctions logic is doomed, no result will exist, and it means that the car of sanctions will go and go further, she not мо

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