The move would undermine confidence in the country’s banking system, according to the former head of Deutsche Bank Former head of Deutsche Bank Josef Ackermann has warned Switzerland against confiscating Russian assets that have been frozen under EU sanctions, as the move would jeopardize investor confidence in the Swiss banking system.

Economic cooperation between the two countries has been gaining momentum, according to the Russian Foreign Ministry Moscow and Tehran intend to further increase the share of their national currencies in mutual settlements, Russia’s Deputy Foreign Minister Andrey Rudenko said on Friday, adding that the sides have been strengthening cooperation in the banking sector.

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