Switzerland gives up neutrality – money flows out

The question of whether Russians will withdraw money from Switzerland due to the neutrality task is quickly answered – but the problem for Switzerland is much bigger: Many people will withdraw their money – not only Russians.

Peter Hanseler

This article appeared on Weltwoche Daily on March 29, 2023.

Those Russians whose funds are not already blocked in Switzerland, they are looking for a new home for their money, because tomorrow the law could change and the money would be frozen. 

“a matter of prestige to have an account in Switzerland”.

For many Russians, having an account in Switzerland was a matter of prestige: Do you also have an account in Switzerland? – Today, this question is asked in Russia in a tone of voice like inquiring about the condition of a terminally ill person.

However, it is not only the Russians who are now thinking twice about keeping their money in Switzerland. 

A rich foreigner is looking for security: Is the bank’s national law secure? Is the bank itself safe?

“The CS debacle didn’t help either. “

Would you keep your money in a country where a few politicians overturned 200 years of neutrality, which was one of the main reasons for Switzerland’s great development as a financial center, within days and blocked your money?

The CS debacle didn’t help either. 

In today’s geopolitical environment, where the global West is going against the rest of the world, no intelligent Chinese or Indian will trust Switzerland with their money. 

The U.S. is just lashing out at China. The risk is too great that Switzerland will once again stomp behind the USA like a Labrador in the fight against “evil” and also freeze the money of the Chinese.

“Switzerland is not even aware of how its image has suffered internationally since it abandoned neutrality and continues to suffer.”

Just ask a private banker who is currently looking for clients in China whether their Chinese clients are unsettled.

Switzerland is not even aware of how its image has suffered internationally since the abandonment of neutrality and continues to suffer.