Credit Suisse freezes SFr 5 bln in U.S. sanctions against Russia

Zurich-based Credit Suisse investment bank froze about
SFr 5 bln as part of U.S. sanctions against Russia, the Reuters news agency
reported on Aug. 23. “Credit Suisse works with international regulators where
it does business to ensure compliance with sanctions, including compliance with
sanctions involving Russia,” said a spokeswoman for the bank, which did not
identify the owners of the money. For Russia’s elite, such steps could close
off an important avenue for finance, as well as a safe haven for billions of rubles
of their wealth, the report said.

Zenon Zawada: Such sanctions, asset freezes in addition to travel bans, are the most
effective way in bringing about a Russian capitulation in its illegal
occupation of Ukraine. The more Russian oligarchs are restricted in accessing
their assets and being able to travel (and even being forced to sell their
assets), the more they will resent the politics of Russian President Putin.
Whether they will act to change the Putinist regime is unclear. But we see
Western governments as having the best window until 2022 to secure a Russian
surrender in Ukraine. By then, we expect Putin-aligned nationalists will make
more gains in the legislatures of France and Germany.