G-7 Ambassadors Send Switzerland Letter About Russian Sanctions Loopholes

G-7 ambassadors sent a letter to the Swiss Federal Council laying out their concerns that Russians are exploiting Swiss privacy laws to hide billions of francs in offshore assets, the Financial Times reported. The letter said "law enforcement officials are blocked from investigating illicit financial structures" due to "privacy protections,” and Swiss officials “were unable to freeze assets under protections for dual nationals, legal residents, those with legal ties to Swiss entities, or those holding indirect beneficial ownership." The ambassadors said the loopholes "put Switzerland at reputational risk." The Swiss council said there is no basis for the concerns.