UBS owns about $ 22 billion in assets invested in Russian clients, potentially affected by measures imposed by the EU and Switzerland following Moscow’s invasion of Ukraine.
These include the assets of those who did not reside in the EU or Switzerland until the end of March.
Swiss banks hold up to $ 213 billion in Russian wealth, the financial sector estimates, while government officials say about 7.5 billion Swiss francs ($ 7.8 billion) in funds and assets were ” frozen ”until mid-April due to sanctions.
Unlike Credit Suisse, which gave details of tens of billions of dollars in assets it manages on behalf of its wealthy Russian clients, UBS, the world’s largest wealth management company, had not previously disclosed the percentage of assets it manages for Russians in wealth management unit.
In its quarterly report, UBS states that 0.7% of the total of 3,145 trillion. Dollars in assets invested in the wealth management unit, refer to “Russians who do not have the right to reside in the European Economic Area (EEC) or Switzerland”, or may be subject to restrictions related to sanctions.
The bank stressed that the wealth management unit had also reclassified some assets as a result.
The chief financial officer said in a call that he had experienced “some outflows from Russian customers as a result of the sanctions”.
Asked if the bank had frozen some assets in connection with the sanctions, the CEO said: “Many banks have imposed sanctions on third parties in their books, and we have some too, but we do not disclose numbers.”
According to the bank, its direct exposure to Russia has been reduced to $ 0.4 billion by the end of March.
Source: Capital
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