FT: Chinese clients of Swiss banks worried about possible sanctions

Wealthy Chinese clients have become very concerned about holding funds in Swiss banks due to the risk of being sanctioned. This is due, in particular, to the policy of Switzerland, which, according to sources, Financial Timesrefused neutrality.

“We were not just surprised, but shocked that Switzerland changed its neutral status. I have statistics showing that literally hundreds of clients who were planning to open their accounts with these banks have started to refuse, ”a Swiss bank board member who oversees operations with clients from Asia told the Financial Times.

The Financial Times discussed this issue with the leaders of six Swiss banks, which are among the ten largest in the country. They all say that Chinese clients are asking to guarantee the safety of funds even in the event of sanctions.

One of the leaders interviewed by the FT in this regard admitted that Switzerland took unnecessarily harsh measures against Russian citizens after the start of a special military operation. According to him, Switzerland should draw a line between what the country will “intervene” and what it won’t.

Switzerland has joined the majority of Western anti-Russian sanctions. Bern joined the ceiling on prices for Russian oil and oil products, EU sanctions, and also froze Russian assets in the amount of $8.1 billion.

In the beginning of March Reuters reported that the United States and its “closest allies” are discussing their readiness to impose sanctions against China if Beijing provides military support to Moscow. Information about such plans of the PRC was reported by the United States. In the European Commission, answering the question about the possible imposition of sanctions against Beijing, assuredthat this will not happen until there is evidence of Russian arms shipments.

On the prospects for imposing sanctions against China – in the material “Kommersant” “The United States went through the allies”.

Lusine Balasyan