FT learned of G7 dissatisfaction with how Bern fights Russian oligarchs

Bern failed to freeze the assets of dual citizens, residents and those with links to Swiss legal entities, these "loopholes" put Switzerland at reputational risk,warned in the G7

The G7 privately chided Switzerland for not doing enough to crack down on sanctions-evading Russian oligarchs. This is reported by The Financial Times with reference to a letter signed by the G7 ambassadors in Bern on behalf of the group and the EU ambassador.

The letter says Swiss privacy laws and other “loopholes” are being used by Russians to hide billions offshore.

Bern froze Russian assets worth $7.5 billion, according to the Swiss State Secretariat for Economic Affairs, but the G7 ambassadors felt that the amount could be much higher.

The panel commended Switzerland for its "commendable and significant" efforts to prevent the country from becoming a "safe haven" for Russian money, but added that more work is needed to enforce the sanctions regime.

“[Swiss officials] failed to freeze assets as part of the protection of dual nationals, residents, those with ties to Swiss legal entities, or those with indirect beneficial ownership. We share the concern that these legal loopholes put Switzerland at reputational risk,” the letter reads.

The FT received a copy of the letter, the authenticity of which was confirmed by high-ranking diplomats from the two G7 countries.

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Earlier, BLOOMBERG reported that the US Department of Justice decided to check Swiss banks Credit Suisse, UBS and others to see if they helped Russian businessmen circumvent sanctions .

In January, Swiss Foreign Minister Ignazio Cassis said Bern was under international pressure amid discussions in the West about the confiscation of Russian assets to rebuild Ukraine.

He stressed that under current Swiss law, the seizure of Russian assets is impossible. "We can't just take money that doesn't belong to us," Cassis said.

The Kremlin called the idea of ​​seizing Russian assets in favor of Ukraine theft. Such actions will lead to problems for those who do so, Russian leader Vladimir Putin has warned .