Automatic Exchange

Switzerland has been automatically supplying Russia with account data of its citizens starting in 2018. The Federal Council faced a great deal of skepticism, for data protection reasons, among other things when it wanted to extend the automatic exchange of information to China and Saudi Arabia.

Withdrawal in Installments

Meanwhile, the list of financial institutions that want to turn their backs on Russia is growing. UBS began withdrawing staff from Moscow last April.

A total withdrawal, however, is likely to be difficult. As the example of Credit Suisse showed, its Russia unit was prohibited by court order as a precautionary measure from selling its two subsidiaries there.