Klishas warned of increased capital flight from Europe amid sanctions

Klishas warned of increased capital flight from Europe amid sanctions

Andrew Klishas.
© Press Service of the Federation Council

What is happening with the bank Credit Suisse in Switzerland suggests that the flight of capital from Europe will only intensify. This was stated by Andrey Klishas, ​​Chairman of the Federation Council Committee on Constitutional Legislation and State Building.

As the senator noted in his Telegram channel, despite the declared neutrality, Switzerland nevertheless joined the Western sanctions, but the sanctions policy undermined investor confidence in the reliability of European jurisdictions. Klishas is convinced that capital flight from Europe will only increase.

Shares of Credit Suisse plunged nearly 30% on March 15, falling below CHF 2 for the first time. The bank announced its intention to borrow up to 50 billion Swiss francs (approximately $53.7 billion) from the Swiss National Bank.

A message posted on the Credit Suisse website notes that this will support the bank’s core business and customers. The Swiss Central Bank indicated that Credit Suisse meets the capital and liquidity requirements for systemically important banks.

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