Why was Gazprombank Switzerland expelled from the Swiss Bankers Association?

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Gazprombank Switzerland's Expulsion from the Swiss Bankers Association

Gazpovbank Switzerland was expelled from the Swiss Bankers Association in March due to its parent company's ties to Russia, following the invasion of Ukraine. This action was part of a broader move by the association to distance itself from Russian financial entities.
Association's Action in Response to Ukraine Invasion

The expulsion of Gazprombank Switzerland from the Swiss Bankers Association took place in the weeks immediately after Russia's invasion of Ukraine. This decision reflects the association's stance on entities linked to the ongoing conflict.
Broader Sanctions on Russian Banks

The Swiss Bankers Association also took the step of banning the Swiss subsidiary of Sberbank, another Russian bank. This indicates a coordinated effort to exclude Russian banking operations from the association's membership and activities.
Gazprombank Switzerland's Operations and Ownership

Gazprombank Switzerland, established in Zurich in 2009, primarily engages in trade finance and employs approximately 80 individuals. Its sole shareholder is Gazprombank, the financial arm of the Russian gas giant Gazprom.

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Why was Gazprombank Switzerland expelled from the Swiss Bankers Association?

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