HEARING
Russia’s Alpine Assets: Money Laundering and Sanctions Evasion in Switzerland
July 18, 2023
1:00 p.m.
Senate Dirksen Building G50
Live stream: https://www.youtube.com/watch?v=dxX98XQmGvQ
Switzerland has for years been the destination of choice for Russian oligarchs and corrupt officials to hide their stolen money. Swiss banks are estimated to hold over $200 billion in stashed Russian cash. The United States recently opened an investigation into Swiss banks helping Russia to evade sanctions, subpoenaing the two largest Swiss banks at the time. Switzerland is also key to Russian evasion of export controls meant to ensure Russia cannot resupply its military and continue its war.
Russian-induced corruption within the Swiss law enforcement system led to the resignation of the former top prosecutor of Switzerland and the conviction of a senior Swiss law enforcement official on bribery charges. Switzerland is now primed to send millions in frozen Russian dirty money related to the revelations of Sergei Magnitsky to the Russians who stole it.
This hearing will examine Switzerland’s key role in laundering Russian money. Witnesses will discuss how Switzerland came to be a favorite destination for Russian dirty money, how Russian corruption in Switzerland endangers U.S. national security and the ability of Ukraine to defend itself, and possible policy responses. This hearing builds on years of work by the Commission to hold Switzerland to account for its role in Russian money laundering and corruption.
The following witnesses are scheduled to testify:
- Bill Browder, Global Magnitsky Justice Campaign
- Drew Sullivan, Co-Founder, Organized Crime and Corruption Reporting Project (OCCRP)
- Olena Tregub, Secretary General, Independent Defense Anti-Corruption Committee (NAKO)
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The Commission on Security and Cooperation in Europe, also known as the U.S. Helsinki Commission, is an independent commission of the U.S. Government charged with monitoring compliance with the Helsinki Accords and advancing comprehensive security through promotion of human rights, democracy, and economic, environmental, and military cooperation in 57 countries. The Commission consists of nine members from the U.S. Senate, nine from the House of Representatives, and one member each from the Departments of State, Defense, and Commerce.
