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Swiss TradeXBank Removed from US Sanctions List

Swiss TradeXBank Removed from US Sanctions List

Tue, May 7th 2024

Swiss bank TradeXBank, formerly linked to Russia’s Sberbank, is cleared by the US Office of Foreign Assets Control, resuming USD transactions.

Keystone/ANATOLY MALTSEV

The USA has removed the Swiss bank TradeXBank from the sanctions list. This was made public by the responsible American office, the Office of Foreign Assets Control (Ofac) of the US Treasury Department.

The successor to the Russian Sberbank is now allowed to resume business in dollars. “The process of getting off the sanctions list took much longer than we had expected,” said bank president Christian Lüscher.

The former FDP National Councillor from Geneva took over the chairmanship of the bank in 2022. Ofac had to be convinced that there were no longer any links to the Russian parent bank. This was first reported by the “Neue Zürcher Zeitung” and “Le Temps”.

©Keystone/SDA

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