Credit Suisse said it froze over $19 billion in Russian money following the implementation of Western sanctions, the SonntagsZeitung newspaper reported. Some of the frozen money includes funds of the Russian Central Bank or the Russian state, the newspaper reported. Switzerland had been a popular banking destination for elite from Russia and other former Soviet states for decades due to its lax regulations. Western banks are now largely closed off to Russians as punishment for Moscow's invasion of Ukraine. To read the original story by SonntagsZeitung, click here.
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