Swiss bank UBS is holding roughly $22 billion in invested assets for Russian clients. The figure was unveiled in the bank’s latest quarterly report on Tuesday.
The money belongs to Russian residents potentially affected by sanctions placed on Moscow by the EU and Switzerland in connection with Russia’s military operation in Ukraine.
This is the first time UBS, Switzerland’s largest financial institution and the largest private bank in the world, disclosed the proportion of assets it manages for Russians.
According to the quarterly report, around 0.7% of the total $3.145 trillion in invested assets in UBS’ wealth management division belongs to “Russian persons not entitled to residency in the European Economic Area (EEA) or Switzerland,” potentially subject to sanctions-related restrictions.
Many international financial organizations have frozen the assets of Russian clients they hold due to sanctions, and UBS Chief Executive Ralph Hamers said his bank is no exception.