Swiss authorities confiscated a beautiful mountain residence allegedly owned by a Russian oligarch, as bankers and politicians laboured around the clock to track down the assets of Russian oligarchs in retaliation for the invasion of Ukraine. Petr Aven, a close confidant of Russian President Vladimir Putin and a key stakeholder in the Alfa Group, which runs Russia’s largest private bank, is suspected to be the owner of the property. According to our correspondent in Bern (Switzerland), the three-bedroom flat is on the fifth floor of a luxury complex at a golf resort in the gorgeous Bernese Oberland, surrounded by snowy peaks. Switzerland, which takes pride in its neutrality in foreign affairs, has a sizable wealth management industry and is a key trading hub for Russian commodities. The country’s banks hold up to $213 billion in Russian assets. After some persuasion, Switzerland agreed to support European Union penalties on hundreds of Russians on February 28. It has since expanded its roster in order to completely comply with EU regulations. Last Saturday, Ukrainian President Volodymyr Zelenskiy urged Switzerland to seize the assets of those he claims are aiding in the war effort. However, finding properties to freeze is a huge task. Banks are searching records to ensure that every Russian oligarchy on the sanction list is not left behind. It was reported that Credit Suisse has applied for authorization to hire 20 compliance officers to work nights, weekends, and holidays. Russian assets have been reported to the State Secretariat for Economic Affairs (SECO), which is responsible for executing sanctions. Property registrars all around Switzerland have been working feverishly to connect sanctions lists to property records by name. Switzerland decided not to join the 2014 sanctions, preferring to avoid being used as a conduit to get around other countries’ restrictions. Switzerland’s worldwide image is being bolstered once more as a country that is still attempting to reach a final agreement before imposing sanctions on individuals. Italy recently seized a building complex owned by Aven on the Mediterranean island of Sardina.
Source: Viewers Corner News.