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26 Jul, 2023 10:14

Major Swiss bank closing accounts of Russians

Julius Baer will reportedly cease doing business with clients residing in Russia by year-end, citing economic restrictions
Major Swiss bank closing accounts of Russians

Swiss private bank Julius Baer will end all business with clients based in Russia due to sanctions, Reuters reported on Tuesday, citing a letter sent by the bank.

The document reads that the accounts of clients who permanently reside in Russia will be closed by December 31, 2023, due to “the current circumstances and restrictions” that prevent the bank from providing clients with a full range of asset management services that are up to standard.

Julius Baer will also reportedly terminate by the end of September wealth management activities for such clients, including investment mandates, credit agreements, and credit card contracts.

The bank declined to comment on the report, Reuters added.

Last March, Julius Baer announced that it was halting any new business with Russians and in May initiated a wind-down of its advisory subsidiary in Moscow.

A non-EU member, Switzerland abandoned its traditional neutrality last year and joined the bloc in adopting sanctions against Russian individuals, companies, and organizations and freezing Russian assets in retaliation for Moscow’s military operation in Ukraine.

It was reported in April that leading Swiss banks Credit Suisse and UBS warned their Russian clients that their accounts would be closed unless they stopped owning companies and paying taxes in Russia.

Switzerland immobilized assets and reserves belonging to the Bank of Russia worth 7.4 billion Swiss francs ($8.3 billion), the country’s government revealed in May.

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