Swiss target holiday home in hurried clampdown on Russian oligarchs
Swiss authorities have identified a luxury mountain home believed to be owned by a Russian oligarch as bankers and officials work overtime to track assets of people linked to Moscow in retribution for the invasion of Ukraine.
The Bern cantonal property office said it believed the flat belonged to Petr Aven, identified by Switzerland as a close confidant of Russian President Vladimir Putin and a major shareholder of the group that owns Russia’s biggest private bank, Alfa.
The three-bedroom flat is on the fifth floor of a luxury complex at a golf resort in the picturesque Bernese Oberland, surrounded by snowy peaks, according to the NZZ am Sonntag newspaper.
Aven, 67, did not immediately respond to an email from Reuters seeking comment but last month he said he would contest “spurious and unfounded” European Union sanctions adopted by Switzerland.
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Switzerland backs full EU sanctions against Russia
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Switzerland has decided to adopt the full range of sanctions imposed by the European Union against Russia.
Priding itself on being neutral in international affairs, Switzerland has an outsized wealth management business and is a major trading hub for Russian commodities. Its banks hold up to $213 billion (CHF200 billion) of Russian wealth, the bank lobby estimates.
After initial hesitation, Switzerland embraced EU sanctions on hundreds of Russians on Feb. 28. It has since expanded its list to comply fully with the EU’s measures.
Ukrainian President Volodymyr Zelensky on Saturday urged Switzerland to confiscate assets of people he said were helping wage war. Poland echoed that on Monday.
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Ukraine’s embattled leader urges Swiss banks to drop Russian oligarchs
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The embattled leader urged Switzerland to take a stronger stance on Russian oligarchs, saying they help finance war crimes in his country.
Banks are combing through records to ensure no one under sanctions slips through the cracks. Credit Suisse, for instance, has sought permission to let 20 compliance staff work nights, weekends and holidays.
The State Secretariat for Economic Affairs (SECO), responsible for enforcing sanctions, has been swamped with reports of Russian assets.
Property registrars across Switzerland have been laboriously trying to match sanctions lists against property records name-by-name, often with various spellings.
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Swiss media on the lookout for Putin’s alleged mistress – and Russian oligarchs
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Switzerland’s weekend press focused on the whereabouts of Russian President Vladimir Putin’s alleged mistress and blacklisted oligarchs.
Switzerland to introduce flight passenger database
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Switzerland plans to introduce a flight passenger database to collect and process personal data in a bid to combat terrorism and serious crime.
Government plans to invest over CHF16bn in Swiss rail network
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The federal government intends to invest CHF16.4 billion ($18.1 billion) in railway infrastructure between 2025 and 2028, CHF2 billion more than for the current period.
Swiss to vote on pension reform and biodiversity in September
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Swiss citizens will vote on occupational pension schemes and a biodiversity initiative on September 22, the Federal Council announced on Wednesday.
Ukraine peace talks: 50 countries have confirmed participation
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To date, 50 countries out 160 invited delegations have confirmed they will attend the Ukraine peace conference, held in central Switzerland in mid-June, according to Swiss public radio, RTS.
Federer-backed On boosts forecast after sneaker demand rises
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Swiss footwear company On Holding AG posted strong first-quarter revenue, boosted by demand for its running shoes and new line of training apparel.
Michael Schumacher’s watches fetch CHF4 million at Swiss auction
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Watches belonging to Formula 1 great Michael Schumacher sold for around CHF4 million ($4.41 million) at auction house Christie's in Geneva on Tuesday.
Macron will attend Swiss summit on Ukraine, says Zelensky
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French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
What the Ukraine war means for Switzerland’s energy policy
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Switzerland gets almost half of its gas from Russia. An analysis of how the country's energy policy is being affected by the war in Ukraine.
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