Switzerland's historical status as a neutral country and its renowned banking secrecy regulations have made it a popular destination for Russian wealth since the collapse of the Soviet Union. Despite international pressure to clamp down on illicit finance, Switzerland has maintained its reputation as a safe haven for Russian money. Its financial institutions hold an estimated $213 billion in Russian assets, with wealthy oligarchs, government officials, and individuals seeking to evade Western sanctions finding refuge in the country. The Swiss government has been criticized for its reluctance to cooperate with international investigations and its historical resistance to implementing strict anti-money laundering regulations. However, Switzerland insists on its commitment to combating financial crime and has taken steps to strengthen its supervision and enforcement mechanisms.
