Credit Suisse reacted to media reports about an alleged freezing of Russian clients’ assets. The bank said it had merely reclassified the money.
Credit Suisse, Switzerland’s second-largest bank, told Russian news agency «Tass» that money belonging to some Russian clients had been reclassified and its use restricted. Previously, «Reuters» had reported that the bank had frozen up to $5 billion in Russian assets following the U.S. sanctions against Russia.
The reclassification meant that the assets no longer were treated as «under management» but instead «under custody», which did not constitute a freeze on the money, Credit Suisse said. The bank incurred no financial damage through this action and Credit Suisse remained very active in Russia.
One of the people affected by the bank’s actions presumably is Viktor Vekselberg, the oligarch with strong business interests in Switzerland. Credit Suisse and UBS had blocked stakes in Sulzer, OC Oerlikon and Schmolz + Bickenbach, and Vekselberg reportedly had no access to his personal assets.
