Swiss private bank Julius Baer will end all business with russian clients

Swiss private bank Julius Baer will end all business with clients based in russia, by no later than Dec. 31.  Wealth management activities such as mandates managing clients' investments, credit agreements and credit card contracts, would be terminated by the end of September.

In a deviation from its traditional neutrality, Switzerland moved in March 2022 to adopt sanctions that the EU imposed on russian people and companies and freeze their assets.

In March 2022 Julius Baer said it was halting any new business with wealthy russians, as European lenders worked to limit their exposure to russia's elite.

Forbes russia in May reported that Julius Baer had told russian and Belarusian clients that their investment accounts would be frozen due to requirements from clearing house Euroclear.

Source:  Reuters