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Swiss cut off tax data, make visas harder for Russians

Switzerland, the world's largest centre for managing offhsore wealth, routinely exchanges bank data with other countries on their citizens' Swiss accounts.

September 16, 2022 / 05:24 PM IST
Chopta in Uttarakhand is also known as the Switzerland of India

Chopta in Uttarakhand is also known as the Switzerland of India

Switzerland will temporarily halt the exchange of tax information with Russia and make it harder for Russian citizens to get visas, the government said on Friday.

Switzerland, the world's largest centre for managing offhsore wealth, routinely exchanges bank data with other countries on their citizens' Swiss accounts.

At a meeting on Friday, the cabinet decided to suspend the exchange of tax information with Russia, it said in a brief statement, citing the public policy proviso of the administrative assistance convention in tax matters.

It had earlier said it would fully suspend an agreement that eases visa rules for Russian citizens, thus bringing Swiss visa rules for Russians in line with those in the European Union.

Neutral Switzerland has adopted almost all EU sanctions against Russia over its invasion of Ukraine, which Moscow describes as a "special military operation" to disarm its neighbour.
Reuters
first published: Sep 16, 2022 05:20 pm
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