Swiss bank Julius Baer will close accounts for clients from Russia – Kommersant
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One of the largest banks in Switzerland, Julius Baer, is going to stop serving clients from the Russian Federation in the near future. The financial organization intends to close the accounts of Russians using its services until December 31, 2023, the consulting company said in a statement. Main Partner Trust.
It is noted that Julius Baer has already begun to send notifications to customers who permanently reside in Russia about the upcoming closure of accounts. The organization has warned that it is terminating all business relationships with them as it can no longer provide services that meet its standards “due to current circumstances and evolving restrictions.” From January 1, 2024, the credit institution will provide only a “limited list of services” to clients from the Russian Federation, all contracts and agreements with them will be terminated by this time, and all their accounts will be closed.
At the end of May 2023, Julius Baer announced an immediate freeze on the investment accounts of Russians and Belarusians. The bank explained that it was forced to comply with the relevant requirements of the European depositary Euroclear.
Julius Baer is a private Swiss bank specializing in private banking and asset management. The headquarters is located in Zurich. In 2022, the financial institution reported that it had to transfer 2.2 billion francs ($2.4 billion) of assets to other categories, mainly due to their freezing and other restrictions, including sanctions, due to the Russian-Ukrainian military conflict.
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