Wealthy Russians, including relatives of Moscow water company head Alexander Ponomarenko, continue to shift millions to Swiss accounts post-Ukraine invasion, per a Tamedia investigation.
Ponomarenko’s daughter opened a Reyl bank account in June 2022, depositing $9.5 million. In November 2022, his girlfriend held $26 million with Julius Baer and $4.5 million with Pictet.
Switzerland aligned with EU sanctions against Moscow after Russia's Ukraine invasion. Despite restrictions, loopholes exist, like acquiring a "golden passport". Ponomarenko’s daughter and companion hold EU passports, exempting them from Russian client classification.
Critics argue banks should be more vigilant. While Ponomarenko isn't sanctioned, a namesake Russian-Cypriot billionaire is.
Switzerland faces ongoing criticism for not doing enough to trace Russian assets.
Julius Baer and Banque Reyl adhere to legal compliance, refraining from client relationship comments. Pictet cites legal restrictions for its silence on clients.
