Switzerland Expands List of Prohibited Russian Individuals and Organisations Switzerland has added 26 individuals and 18 organisations to a list of those prohibited from entering into new business relationships with financial intermediaries in Switzerland, Reuters reports. The list, including both Russians and Ukrainians, is intended to work in parallel with EU sanctions so as to prevent funds outside the EU being transferred into Swiss banks. It is worth noting that as those named in the list are not prevented from carrying on with existing business relationships, the large volume of extant Russian business with Switzerland is not at risk. Caroline Copley, writing for Reuters, notes that: Switzerland, a global commodity trading and private banking hub, is a popular destination for Russias wealthy elite and reluctant to take steps it fears could compromise its cherished neutrality or damage closely-nurtured trade ties with Moscow. Around 75 percent of Russian crude oil exports are traded through Geneva, according to the Swiss government, and Russian assets in Swiss banks stood at nearly 13.8 billion francs ($15.2 billion) in 2012, according to the Swiss National Bank. The list now included 87 individuals and 20 organisations. Among those named today are Aleksandr Boroday, the Russian prime minister of the self-declared separatist Donetsk Peoples Republic, Aleksandr Khodakovsky, the Ukrainian leader of the separatist Vostok Battalion, Chechen dictator Ramzan Kadyrov and a number of Russian security officials.
Posted on: Tue, 05 Aug 2014 11:20:51 +0000