Millions Tied To Magnitsky Case Leave Switzerland Despite Court Ruling

(MENAFN- Swissinfo) A Russian citizen who held funds in Switzerland linked to a global tax fraud case wired at least CHF6 million from his UBS accounts. Our investigation shows a recent Swiss Federal Court ruling could have led to the confiscation of some of those funds. This content was published on April 18, 2026 - 10:00 10 minutes

I cover international relations with a focus on Switzerland, lead journalistic investigations, and conduct deeply personal interviews on challenging topics. Over 25 years in journalism. Graduated from Moscow State University's Faculty of Journalism and the French Press Institute in Paris. Former TV/radio host in France and Russia. I am a published author and documentary filmmaker who has interviewed presidents and rock stars.

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On February 12, Denis Katsyv, a Russian citizen tied to a major case of tax fraud against the Russian Treasury, withdrew funds he held at Swiss bank UBS and transferred most of these to banks in Israel and Armenia.

In total, he wired some CHF5.5 million ($7.6 million) to his personal accounts abroad. Another roughly CHF500,000 were transferred to a Swiss business account. It's unclear if this money is still in Switzerland.

The assets Katsyv held in personal and business bank accounts at UBS and Edmond de Rothchild Bank had been frozen during Switzerland's investigation of the Magnitsky tax fraud case, of which Katsyv was a beneficiary. At the time they held a combined $8.2 million.

A 2021 decision by the Swiss Office of the Attorney General (OAG), which effectively closed the case, stated that Katsyv's account was contaminated with some money obtained illegally and stated that 1% of those funds, or a total of $78,000External link, were to be permanently confiscated. Katsyv appealed that decision and lost in 2023. But he continued to have free access to the remaining 99% of the funds in his Swiss bank accounts.

The transfer in February came just two months after a key ruling by the Swiss Federal CourtExternal link on an appeal by a company belonging to Katsyv that potentially could have led to the confiscation of more funds.

The Federal Court ruling of December 5, 2025 declared that the method used by the OAG to calculate the amounts of funds connected to the Magnitsky case that were to be permanently confiscated was“unconstitutional”. The court then ordered a new calculation.

This raises the question of why UBS allowed Katsyv to transfer his funds out of Switzerland after the court's ruling. Why did the OAG not ask the bank to freeze the accounts until a recalculation had been finalised?

Lawyers Swissinfo spoke to said the ruling left many open questions but agreed that the funds should have been sequestrated after the decision and never left the country.

“In our preliminary view, there is indeed a legal duty by the Office of the Attorney General to sequester the assets under discussion. Pertaining omittances to do so may cause a strict state or governmental liability to be raised against the Swiss Confederation,” said Thomas Rihm, a Zürich-based lawyer.

The Swiss investigation

Switzerland's handling of the Magnitsky case is back under scrutiny. A Federal Court ruling and a critical PACE resolution are raising fresh questions about its response to money laundering.

>>Read the full story on how Switzerland's handling of the Magnitsky case is back under scrutiny.

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