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Media report: Swiss banks housed funds from Putin confidants

Julius Bär bank
Julius Bär is accused of maintaining business links with a Russian close to Putin until 2021. Keystone

According to research by the Tages Anzeiger, Swiss banks have maintained business relationships with high-ranking Russian officials and Putin confidants despite sanctions and money laundering allegations. The focus of the reporting is Bank Julius Bär.

+ Impact of Russian sanctions on Swiss banks

According to the report, Julius Bär has, among others, Leonid Reiman as a customer until 2021. Reiman served Russian President Vladimir Putin in various capacities until 2010. According to an internationally recognized court, Reiman is said to have enriched himself from Russian state assets in the 2000s.

The court found money laundering on a large scale, the report continued. Despite the money laundering allegations and the closeness to the regime, the Julius Bär bankers conducted further business with Reiman. The figures come from a new data leak from the Zurich financial centre.

Bank Julius Bär is not commenting on the allegations. “We generally do not comment on perceived or actual customer relationships,” writes a spokeswoman for the bank upon request.

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