Swiss banks began to introduce fees on Russians’ blocked assets.

Roman Khaminsky, partner at law firm BKHK, suggested that Swiss banks, not wanting to manage blocked assets on their own and cover the risks of future periods, are forced to charge service fees alternatively.

An interlocutor from one of the law firms considered this approach to lack common sense: no one knows when the assets will be unlocked. He wondered whether the bank, in the event of a thaw, would return the commission canceled for several years.

In practice, wealthy Russians, whenever possible, leave most of their assets in Swiss banks, while others transfer them to large banks in friendly countries, said Ekaterina Popova, a partner in the multifamily office of the group of companies. ITSWM. The level of comfort and the level of private banking services established by Switzerland are understandable for the Russian client, and on the contrary, it is difficult for him to adapt to the “eastern approach” in the United Arab Emirates, Oman or Turkey, notes Roman Khaminsky , partner at the BKHK law firm.

• In April 2023, Swiss banks warned Russian clients that their accounts would be closed if they paid taxes to the Russian budget. Bank actions at that time were selective.
• In the summer of the same year, the largest Swiss bank, Julius Baer, ​​began notifying clients living in Russia about its plans to close their accounts. The organization noted that under current conditions the bank cannot provide services that meet its standards.