News | EN

European banks refuse to manage money of clients from Russia

Swiss bank UBS has notified Russian clients that it will stop managing client portfolios, reinvesting income and providing investment advice. UBS stresses that citizens and residents of the EU and Switzerland are not subject to sanctions, but the restrictions apply to Russians with a passport or residence permit (residence permit) in the UK.

  • Sanctions imposed by the European Union and Switzerland prohibit banks from buying and selling securities in euros and Swiss francs that were issued after April 12 for the benefit of clients from Russia.
  • Regulators have banned acceptance of deposits from Russians or Russian legal entities over €100,000;
  • The limit on deposits in the UK is £50,000. Formally, the measures do not apply to already open accounts, but some banks interpret the sanctions more conservatively and prefer to get rid of Russian money, even if the amount of the account is less than the specified limit;
  • In March, Western banks, including UBS and Credit Suisse, began notifying customers from Russia to close their accounts.
  • In April, new sanctions came out banning Europeans from participating in servicing trusts and foundations of Russians.

At the moment the ability to open a bank account in Singapore is still available for clients from Russia. Also at the moment there are no bans on registration and operation of Russian businesses in Singapore, except for financing and financial operations of companies/activities subject to Singapore sanctions against Russia.

Source: Forbes Russia