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New Leaks Expose Secret Swiss Bank’s Involvement in Oligarch’s Offshore Empire

Oligarch Conceals Ownership of Offshore Firms with Complex Corporate Structure


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Russian Oligarch Held Over $2 Billion in Assets Through Secret Swiss Bank

New York ( — Two new leaks reveal that a Swiss Bank loaned hundreds of millions of dollars to offshore companies owned by oligarchs, using US stocks as collateral. The leaked documents from the bank and the Cypriot service provider show that the Russian oligarch held over $2 billion in assets across multiple banks, including a second Swiss Bank, and a British Bank. The oligarch’s ownership of these offshore companies was concealed through a complex structure, including an opaque trust and a company owned by the Cypriot service provider. These firms, which held blue-chip US stocks, engaged in suspicious loan practices among themselves, raising money laundering concerns. The oligarch, already sanctioned by the UK and EU, held over 1.4 billion euros in assets at the Swiss Bank through these secretly owned offshore firms. The new details on the oligarch’s empire come from two leaks: documents from the Swiss Bank obtained by a German start-up and a data leak from the Cypriot service provider, released by a whistleblower site. The Swiss Bank documents show the assets held by the oligarch at the bank’s Vienna branch in 2013. The Cypriot service provider leak confirms the oligarch’s ownership of the companies registered in Cyprus and trading in hundreds of millions of euros in assets. The ownership structure is complicated, with trusts offering anonymity, but the leak includes correspondence identifying the oligarch as the beneficiary.


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Banks Continue to Work with Oligarch’s

A British Newspaper exposed how a Russian oligarch transferred his offshore trust into the names of his children just before Russia’s invasion of Ukraine, resulting in sanctions against him. Leaked documents from the Swiss Bank and the Cypriot service provider show that the oligarch held over $2 billion in assets across various banks. These assets were hidden through a complex corporate structure, including an opaque trust and a company owned by the Cypriot service provider. The companies used blue-chip US stocks as collateral for loans from Swiss Banks and engaged in suspicious loan activities, raising concerns about money laundering. Despite EU and UK laws requiring banks to freeze assets owned by sanctioned individuals, the Swiss Bank and the Cypriot service provider continued to work with the oligarch’s offshore firms even after the sanctions were imposed. Neither bank responded to questions about their compliance with the law. The Cypriot service provider initially played down corruption and money laundering risks for the oligarch and falsely claimed he was not a Politically Exposed Person. The leaked documents reveal that the Swiss Bank helped the oligarch convert US stocks into cash through loans against shares in US steel companies. Other banks also provided securities-for-loans agreements, but their legitimacy is being questioned due to interest-free and no-obligation loans with no real rationale. The oligarch, his representatives, the Cypriot service provider, both Swiss Banks, and the British Bank did not respond to requests for comment. An anti-corruption advocacy group has warned UK and EU banks to be cautious about accepting transfers of assets from sanctioned oligarchs.

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