Julius Baer – one of the largest Swiss banks – has warned clients living in Russia about the upcoming closure of their accounts, Forbes reported citing consulting firm Main Partner Trust. The bank’s clients have already confirmed the information.
Julius Baer did not explain why it is closing the accounts of clients who permanently reside in Russia, simply noting that “under the current circumstances” can not offer them services.
It appears that essentially the clients were simply to blame for living in the “wrong” country. The bank will terminate all relations with such unter clients no later than December 31.
Earlier in May, Julius Baer also froze investment accounts of Russian and Belarus clients allegedly due to Euroclear’s requirements.