Credit Suisse denies freezing money on all Russian accounts

MOSCOW, Aug 23 (PRIME) -- Switzerland’s second largest bank Credit Suisse has not frozen all Russian money on its accounts in the wake of U.S. anti-Russian sanctions but reclassified the assets, the bank’s representative Anna Sexton told PRIME on Thursday.

On Wednesday, Reuters reported that Credit Suisse had frozen about U.S. $5 billion on accounts connected with Russia in order to avoid the U.S. sanctions.

“Credit Suisse works with international regulators when it is committed to sanctions, including Russian sanctions. Following the recent U.S. sanctions and given U.S. regulatory restrictions, Credit Suisse reclassified some impacted assets from Assets under Management to Assets under Custody. This reclassification does not mean freezing the assets,” Sexton said.

Non-sanctioned clients have not been affected by the move and that the measure has not resulted in any financial losses, she said.

“We remain highly committed to Russia and continue to monitor developments,” she added.

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