Valais development under threat due to sanctions

Monday, 19 February 2024 06:30

A planned new development in the upmarket ski resort of Crans-Montana is under threat by US sanctions against Russian companies.

A Russian firm wants to build a large luxury resort in Aminona-sur-Sierre. Work is due to begin in the spring.

The Russian family which owns the land is due to hand over CHF 500m - but the bank, which is also owned by the family, is under sanctions due to the war in Ukraine.

But the family says it will not have an impact on the project, but any money handed over to allow the construction work to begin will have to be cleared to make sure it hasn’t come from sanctioned funds.

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