Switzerland seeks to end bank data exchange with Russia

The exchange of bank data between Russia and Switzerland should be stopped, according to the recommendation of the relevant Swiss authority. The issue now rests with the Swiss Federal Council, Report informs referring to Finews.com.

Switzerland should cease providing Russia with data on assets held by Russians in Swiss banks. After the National Council committee responsible (Nationalrat) approved the measure, the sister commission of the Council of the cantons (Staenderat) has now also given its blessing. The ball is now in the court of the Federal Council, which is expected to make the final decision in September.

Other Western countries such as Germany, Austria, and Great Britain have already stopped exchanging bank data with Russia.

Switzerland has been automatically supplying Russia with account data of its citizens starting in 2018.