Swiss banks singled out for their exposure to Russian gas
The exposure of Swiss banks to the Russian gas and oil sector would amount to billions of francs, according to a statement by the Campax association.
The Pictet bank, in Geneva.
DP
This NGO points the finger at the holdings held and the credits granted to the Russian giants, in a context of international sanctions linked to the invasion of Ukraine.
In a recent press release, Campax speaks of “strong ties” between the Swiss financial center and the Russian oil and gas industry, through fund and loan activity. The association claims that hydrocarbon exports “feed the war chest” of Russian President Vladimir Putin.
Based on data collected by the Basel company Data Catering, the association indicates that Swiss establishments held – in particular – a stake of 400 million dollars (376 million francs) in the giant Gazprom before the start of the Russian war. Ukrainian. The Geneva group Pictet “cut the lion’s share with 204 million”, specifies the association, which brings together various organizations, including the Alliance for the climate and Strike of the Climate.
Contacted by AWP, the establishment highlights the change in the situation since the invasion of Ukraine. “Given the extraordinary circumstances of recent weeks, it would be misleading, as this release does, to compare today’s investment and market value data with that of 2021 let alone Spring 2020.” , says Pictet in a written position paper.
The bank, founded in 1805, ensures compliance with the laws, regulations and sanctions in force, while protecting the interests of customers and investors in its funds. Pictet does not trade for its own account.
Since the outbreak of the conflict, it is no longer possible to buy and sell Russian shares. Due to the suspension of trading, it is also impossible to assess the value of these securities. In all likelihood, the amounts quoted by Campax should drop drastically when trading resumes.
“Marginal Weight”
UBS and Credit Suisse would also be among the main Swiss investors in Gazprom. According to Campax, the two big banks held $67 million and $94 million respectively in this group.
“As a globally active financial institution, UBS complies with the legal and regulatory requirements applicable in all jurisdictions where it is active, including sanctions,” says the number one Swiss bank. The position is similar at Credit Suisse, which recalls having reduced its net exposure to Russia since the end of last year.
Some cantonal banks are also cited, such as that of the canton of Vaud ($1.7 million, according to Campax). The BCV stresses that the presence in the portfolio of securities linked to Russia is explained by their inclusion in the benchmark indices. “Their weight is marginal”, indicates the establishment, which ensures compliance with the “applicable sanctions”.
Participations in the oil and gas sector are mainly the result of investments by bank customers, through investment funds.
Campax also points to the financing provided by Swiss banks through credits, including a half-billion dollar loan – maturing in 2036 – granted by Credit Suisse to Gazprom to build one of the largest processing plants. of gas in the world, in China.
The press release also mentions the amounts granted by UBS and Credit Suisse to commodity traders, in particular for Russian hydrocarbons. “The two big banks have each lent $1.5 billion since 2018, for Vitol $870 million and for Gunvor $700 million,” according to Campax.
The Reuters agency affirmed at the end of January that oil and gas represent half of Russian exports and more than a third of the state budget.
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