The Swiss offshore financial center is an important hub for Russia's super-rich. Leaked documents show links between sanctioned oligarchs to Swiss banks.

Credit Suisse, Julius Baer, Gazprom Bank and trust company Kendris are listed as firms with ties to Russian oligarchs in a report by Swiss newspaper «Tages-Anzeiger» (behind paywall, in German). 

The news outlet looked into relationships between a number of Russian oligarchs and companies to financial services companies in Switzerland by cross-referencing sanctions lists with leaked documents from the Pandora Papers and the Fincen Files.

Alisher Usmanov, a sanctioned person described by the EU as having «particularly close ties to Russian President Vladimir Putin,» channeled at least $700 million through accounts at Credit Suisse and Julius Baer between 2014 and 2017, the report said. Usmanov, who has a tax domicile in the Canton of Vaud, recently had his $600 million yacht Dilbar in Hamburg impounded as finews.com reported.

Putin’s Pal

Gennady Timchenko, a friend of Putin’s and founder of commodities trader Gunvor in Geneva, is mentioned in relation to activities with Gazprombank in Zurich in 2015.

Ties between Zurich-based trust company Kendris and Alexei Mordashov go back to 2009. The trust company looked after two of his offshore companies. Mordashvov, who is one of the richest Russians and co-owner of Bank Rossiya, will be cut off from the Swift payment network on March 12, the report said.

Credit Suisse and Julius Baer declined to comment to the newspaper about its relationship with Usmanov and Kendris stated that it consistently complies with legal requirements and due diligence but did not comment on the business relationship with Mordashov, the report said.

$11 billion and Up

Statistics from the Bank for International Settlements (BIS) show that Russian individuals, companies and public entities held a total of about $11 billion in assets in Switzerland at the end of September last year. However, money invested in real estate and companies is likely to be several times that amount.