The largest Swiss bank, Julius Baer, has warned customers living in Russia about plans to close their accounts. The organization noted that under current conditions, the bank cannot provide services that meet its standards. Forbes writes about this with reference to the letters that Julius Baer sends to clients.
Due to the current circumstances and the evolution of the restrictions <…> The bank can no longer offer you adequate and comprehensive asset management services that meet our standards, ”says the letter to the credit institution.
It is also noted that all relations with customers permanently residing in Russia will terminate no later than December 31 of the current year. And the contracts and agreements, in particular, the loan agreements, will expire on September 30. New fees are also being introduced starting August 1, one of which is a quarterly service fee of approximately $2,590.
At the same time, Julius Baer did not make any official statements on the matter. His Russian-language Telegram channel has not been updated since February 24, 2022, the post notes.
Also in his letter, Julius Baer asks customers to provide the information needed to close accounts or transfer funds to other accounts.
In the spring, due to Euroclear deposit requirements, the Swiss bank informed Russian and Belarusian clients about the freezing of their investment accounts.
Author:
Natalia Gormaleva
Source: RB
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