Switzerland Criticized as ‘Refuge’ for Russian Oligarchs as It Hosts Conference on Ukraine

Switzerland is home to majestic mountain peaks, luscious chocolate, and upward of $210 billion in assets that Russian clients have parked in its bank accounts, as estimated by the Swiss Bankers Association. The latter has hardly won Switzerland any plaudits on the global stage, and on Monday the country was called out by a Swiss NGO as a “safe haven” for Russian oligarchs and as a trading hub for Russian oil, grain, and coal.Public Eye spoke out on the day that the Swiss president was due to host a conference of government officials, advocacy groups, and UN institutions on Ukraine’s eventual recovery from Russia’s war. The group called on the Swiss executive branch to “use all levers at its disposal to stop the financing of this inhuman aggression,” a reference to Vladimir Putin’s war that has killed untold thousands of people, driven millions from their homes, and rippled through world economy by driving up food and fuel prices.President Cassis was hosting leaders, including President Zelensky by video message, at the Ukraine Recovery Conference in the placid lakeside town of Lugano. Swiss diplomats say the meeting aims to try to map out a way forward for the world to help the war-battered country to recover and rebuild.Among others, Mr. Cassis was welcoming the Ukrainian prime minister, Denys Shmyhal, leading a delegation of scores of Ukrainian ministers, lawmakers, and others.Public Eye said that as a “safe haven” for oligarchs close to the Kremlin, “Switzerland bears a big political responsibility.” It said Switzerland has been over the years a “popular refuge” for Russian business magnates to park their assets. The group said firms use Switzerland as an “unregulated commodity trading hub” and exploit a lack of transparency about financial dealings in the country.It is more than just assets: Switzerland has a reputation as playground for the wealthy of many nationalities that does not exclude Russians, and in recent months Swiss and international media have speculated that Mr. Putin’s alleged girlfriend, Alina Kabaeva, has been hiding out in Switzerland with four of their children since the Russian invasion of Ukraine began. The two are said to share 7-year-old twin daughters, who were born near Lugano. A source told The New York Post in March that the children are holders of Swiss passports.Swiss authorities have been evasive regarding Ms. Kabaeva’s present whereabouts, and there was no immediate response from the Swiss government about Public Eye’s criticisms.The group welcomed Switzerland’s “humanitarian engagement” for Ukraine through the conference but called on the government to strictly implement international sanctions on Russian elites and their government, and to better regulate its trading hub. It has variously lambasted Switzerland as “Putin’s coal-fired power plant” and labeled it a “rear base” that has helped “around thirty wealthy businessmen, supporters of Vladimir Putin’s regime,” to shore up their multibillion-dollar portfolios.Switzerland is a major international financial center and its government has traditionally touted Swiss “neutrality” — which is enshrined into law — and Switzerland’s role as an intermediary between hostile countries and as a host of many international and UN institutions.Swiss diplomats say hundreds of envoys from government, advocacy groups, the private sector, academia, and UN organizations are expected for the Lugano gathering, which builds upon a multi-year, multi-country discussion about reform in Ukraine — even before the war began. The diplomats say the conference is the first to bring disparate groups together to unite to address Ukraine’s needs now.Other top attendees expected to attend are the European Commission president, Ursula von der Leyen, and the British foreign secretary, Liz Truss. More than half a dozen heads of state and more than a dozen government ministers are expected to take part, as well as heads of about a half-dozen international organizations.

Switzerland Criticized as ‘Refuge’ for Russian Oligarchs as It Hosts Conference on Ukraine

Switzerland Criticized as ‘Refuge’ for Russian Oligarchs as It Hosts Conference on Ukraine

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