Russian oligarch Viktor Vekselberg wanted Switzerland’s Postfinance to open an account for him because all other banks had turned him down due to U.S. sanctions. Postfinance refused – court proceedings have begun today.
The U.S. in 2018 decided to put Viktor Vekselberg, a Russian investor who lives in Switzerland, on a sanctions list. Banks have since refused to open accounts in the name of the oligarch and assets worth some 2 billion Swiss francs ($2.2 bilion) were frozen as a consequence.
Banks don’t want to deal with the Russian anymore for fear of being sanctioned by the U.S. As he needs an account to pay his bills from, Vekselberg sought to open one with Postfinance, the finance unit of state-owned Swiss Post.
No Normal Life Possible
But, like all other banks, Postfinance refused to open an account for the oligarch, with reference to the sanctions list, according to Vekselberg’s lawyer, who spoke at the opening of the court proceedings that started on Tuesday. The lawyer added that Vekselberg won’t be able to live a normal life without an account and won’t be able to pay his taxes, according to a report by Swiss news agency «SDA».
Postfinance has a duty to provide Swiss citizens with basic financial services as part of the definition of its role in the finance realm and therefore had to open an account for any person living in Switzerland, the argument goes.
Exception to the Rule
Postfinance however claims that it may well make an exception to the rule, because it would run the risk of being sanctioned by the U.S. if it allowed Vekselberg to make any significant financial transaction. Which was why it didn’t want to open an account for him.
The verdict will follow on Wednesday at the earliest.
