Credit Suisse explains freezing of Russian assets

Credit Suisse explains freezing of Russian assets

One of Switzerland’s largest banks, Credit Suisse denied freezing Russian assets, explaining that it has reclassified assets of some Russian clients. 

The bank said that it works with international regulators wherever it does business to ensure compliance, including sanctions involving Russia.

"Following recent US sanctions and given US regulatory restrictions, Credit Suisse reclassified certain impacted assets from Assets under Management to Assets under Custody," RT cited the statement as saying.

"This reclassification does not represent a freezing of the assets. In addition, non-sanctioned clients were not affected by the re-classification. Neither did this result in any financial loss or provision," the bank added.

Credit Suisse says it remains highly committed to Russia and continues to monitor developments.

Earlier it was reported that Credit Suisse has suspended 5.1 billion francs ($5 billion) in assets linked to Russia as a result of the U.S. sanctions against the country.

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