VP Bank from Liechtenstein froze the assets of Russians for $320 million
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Liechtenstein’s largest bank, VP Bank, froze the assets of Russian clients totaling 300 million Swiss francs ($320 million) last year. This became known from the financial reporting bank for 2022.
As noted in the reporting, the Russian market ceased to be a key one for VP Bank after the start of Russia’s special military operation in Ukraine on February 24 last year. Assets owned by Russians were reclassified from assets under management to assets in storage. In addition, the bank stopped providing services to clients from Russia and Belarus.
VP Bank recorded a net new cash outflow of 0.5 billion Swiss francs ($540 million) in 2022. This is how much the outflow of new funds from clients “with Russian connections” amounted to.
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