One of the largest Swiss banks will close accounts for customers from Russia

The Swiss bank Julius Baer, ​​​​which before the “special operation” was actively attracting customers in Russia, announced that it would stop working with them. It is warning its customers living in Russia about the imminent closure of their accounts, the Main Partner Trust, a consulting firm, said.

All business relationships with them will be terminated no later than December 31, Forbes quotes Julius Baer’s letter to one of the clients: “Due to the current situation and changing restrictions, the Bank is no longer able to offer you adequate and comprehensive asset management services that meet our standards.” From August 1, the bank will introduce several additional fees: e.g. a quarterly service fee of CHF 2,250 (about PLN 2,590), from September 30 it will terminate all agreements and contracts (e.g. loan agreements), after which the bank will only provide limited services.

In the spring, Swiss banks warned Russian customers that they would close the accounts of those who pay taxes to the Russian budget, and some taxpayers were even blocked.

“The circle is shrinking! Switzerland is just one of its links,” writes international financial advisor Isaac Becker, urging “to think about how to get on with your life with minimal risk of being thrown out of your ‘suitcase’ by the next financial institution.” But he can’t.

Another jurisdiction popular with wealthy Russians and a frequent relocation destination, the United Arab Emirates (UAE) also tightens the terms of financial services for Russians, even banks in neighboring countries regularly introduce various restrictions.