On Thursday, the Financial Times reported that executives at major banks in Switzerland are warning that the nation’s decision to support Western sanctions against Russia is having a negative effect on their banks’ business.

The unnamed banking officials are telling the news outlet that numerous rich clients from China are seriously worried about depositing their money in Swiss banks, now that Bern has ceased its policy of neutrality by freezing billions in Russian assets due to the sanctions rules.

The Swiss State Secretariat for Economic Affairs reported that it had frozen roughly $8.1 billion in Russian money due to the sanctions imposed by the West. At the same time, Switzerland’s second largest bank, Credit Suisse, froze more than $19 billion in Russian assets.

One bank board member who oversaw Asian operations at his bank said to the outlet, “We were not just surprised but shocked that Switzerland abandoned its neutral status. I have statistical evidence that literally hundreds of clients that were looking to open accounts are now not.”

The Financial Times reportedly spoke with executives at six of the ten largest banks in the country about their work with private clients.

One senior official said, “The question of sanctions has come up with clients. It was definitely a topic of concern with clients late last year. They were asking whether their money would be safe with us.”

As the world’s most popular location for storing offshore wealth, Switzerland boasts a quarter of the world’s total offshore deposits. The sector accounts for 10% of the nation’s gross domestic product, according to Anke Reingen, an analyst at RBG.

Another bank executive said Switzerland moved too quickly against their Russian clients, and said the nation needed to draw a line between what the government should and should not get involved in.