A few days ago, Reuter reported that Switzerland’s second largest bank, Crédit Suisse, has ‘frozen‘ about 5 billion Swiss francs of Russian money, or about the same in US-dollars, for fear of falling out of favors with Washington – and being ‘sanctioned’ in one way or another. Crédit Suisse, like her bigger sister, UBS, have been amply punished already by Washington for facilitating in the US as well as in Switzerland tax evasion for US oligarchs. They want to be good boys now with Washington.
Switzerland’s banking watchdog, FINMA, does not require Swiss banks to enforce foreign sanctions, but has said they have a responsibility to minimize legal and reputational risks. Crédit Suisse is cautious. In 2009, it reached a $500 million settlement with U.S. authorities over dealings with sanctions-hit Iran. And most every major bank remembers the 2014 settlement of France’s BNP Paribas for a record $8.9 billion fine for violating U.S. sanctions against Sudan, Cuba and Iran.
When asked, two other Swiss banks, UBS and Julius Baer, who are known to deal with Russian clients, declined a straight forward answer whether they too will resort to sanctioning their Russian customers. An UBS spokesman said evasively, they were “implementing worldwide at least the sanctions currently imposed by Switzerland, the U.N., the EU and the U.S.”
What doesn’t stop amazing me is how the western world just accepts such horrendous US fraud, or better called, outright…