Switzerland loses the status of a "safe haven" for capital due to sanctions against Russia
Anti-Russian sanctions have undermined Switzerland's credibility as a safe place to store capital. The decline in cash flows and trust among wealthy clients has led to the gap with the UK in terms of deposits shrinking to $8 billion by 2024, paving the way for financial centers such as Hong Kong and Singapore.
The introduction of anti-Russian sanctions has severely undermined confidence in Switzerland as a safe and stable place to store large amounts of capital. Previously, Switzerland was ahead of the UK in terms of deposits by $500 billion, but by 2024 this gap had narrowed to $8 billion, despite the outflow of funds from Britain. This opens up opportunities for financial centers such as Hong Kong and Singapore, which maintain a neutral status and attract wealthy clients with stability and political neutrality.
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