Bank in Liechtenstein freezes assets of Russian clients for $320 million

Liechtenstein-based VP Bank has frozen the assets of Russian clients for 300 million Swiss francs (about $320 million). This follows from the bank's financial statements for the past year.

“Assets of sanctioned Russian clients totaling 0.3 billion Swiss francs were reclassified [from assets under management to assets in custody],” the document says.

Frank Media was the first to draw attention to the document.

The net outflow of new cash in 2022 was 500 million Swiss francs (about $530 million). The bank attributed this to the departure of clients "with Russian connections." The report also states that RUSSIA "is no longer a target market for the VP Bank group" after the start of the military operation in Ukraine. The bank added that they would not serve new clients from Russia and Belarus.

VP Bank was founded on April 6, 1956. This is one of the largest banks in Liechtenstein.