Swiss is still burying its head in the sand and trying to claim neutrality. When Swiss sanctioned Russians for whatever reasons, the days of Swiss's neutrality has ended. Beside, many people haven't forgiven how Swiss banks sold them out during America's tax evasion crackdown.
Although not an EU member, Switzerland abandoned its traditional neutrality last year and joined the bloc in adopting sanctions against Russian individuals, companies, and organizations and freezing Russian assets in retaliation for Moscow's military operation in Ukraine.
According to Swissinfo, citing a study from the Boston Consulting Group (BCG),
a "significant exodus of Russian assets" resulted in a $100 billion rise in wealth deposited in the United Arab Emirates last year. It marks the fastest annual growth of any offshore booking center, it noted.
The report pointed out that Swiss private banks were anxious that the trend not spread to clients from other countries. "
The key is to persuade the wealthy elites that sanctions against Russia do not dilute Switzerland's neutrality, which is a key selling point for rich people living in politically unstable countries," Swissinfo wrote.
"
Clients still believe, as do I, that Switzerland is a neutral country that follows the fundamental rules of neutrality," Gregoire Bordier, president of the Association of Swiss Private Banks, told the outlet. "
They are not questioning why sanctions target a certain group of people. The question is more 'where are you going' rather than 'where are you now'," he argued.
