Switzerland called a “safe haven” for Russian oligarchs

LUGANO, Switzerland –

A leading Swiss non-governmental group on Monday called Switzerland a “safe haven” for Russian oligarchs and a trading center for Russian oil, grain and coal.

Public Eye called on the Swiss executive branch to “use all the levers at its disposal to stop the financing of this inhumane aggression,” a reference to Russian President Vladimir Putin’s war in Ukraine that has killed untold thousands, expelled millions. from their homes and impacted the global economy by driving up food and fuel prices.

It was delivered on the day the Swiss president was to host a conference on Ukraine’s eventual recovery from the Russian war that was attended by government officials, advocacy groups and UN institutions.

Ignazio Cassis hosted leaders, including Ukrainian President Volodymyr Zelenskyy via video message, at the Ukraine Recovery Conference in the bucolic lakeside city of Lugano. Swiss diplomats say the meeting is aimed at trying to chart a way forward for the world to help the war-torn country recover and rebuild when Russia’s war one day ends.

Cassis was set to welcome Ukrainian Prime Minister Denys Shmyhal, leading a delegation of dozens of ministers, lawmakers and other Ukrainians.

Public Eye said that “As a safe haven for oligarchs close to the Kremlin and a trading center for Russian oil, grain and coal, Switzerland bears a heavy political responsibility.”

He said Switzerland has over the years been a “popular haven” for Russian business tycoons to park their assets. The group said the companies use Switzerland as an “unregulated commodity trading hub” and exploit the lack of transparency about financial transactions in the country.

There was no immediate response from the Swiss government.

The group welcomed Switzerland’s “humanitarian commitment” to Ukraine through the conference, but called on the government to strictly implement international sanctions against Russian elites and their government, and to better regulate its trade hub.

Switzerland is a major international financial center and its government has traditionally promoted Swiss “neutrality”, which is enshrined in law, and Switzerland’s role as an intermediary between hostile countries and as host to many UN and international institutions.

The Swiss Bankers Association has estimated that the assets of Russian clients deposited in Swiss banks total 150-200 billion Swiss francs (about $155-$210 billion), making the country a deposit Russian money key abroad.

Swiss diplomats say hundreds of envoys from government, advocacy groups, the private sector, academia and UN organizations are expected to attend the Lugano meeting, which builds on a multi-year, multi-country discussion on the reform in Ukraine, even before the war started. . Diplomats say the conference is the first to bring disparate groups together to come together to address Ukraine’s needs now.

Other key attendees expected to attend include European Commission President Ursula von der Leyen and British Foreign Secretary Liz Truss. More than half a dozen heads of state and more than a dozen government ministers are expected to participate, as well as the heads of around half a dozen international organizations.


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