Swiss banks began to close accounts for Russians with dual citizenship

The decision by some Swiss companies to close the accounts of Russians with dual citizenship is due to compliance considerations, suggested Artem Kasumyan, a lawyer at the Delcredere Bar Association. According to him, the presence of a client with a Russian passport forces banks to spend resources on additional checks. Overcompliance with regulatory requirements is common among Swiss banks, confirmed Gleb Boyko, lawyer at the NSP law firm.

The Swiss sanctions regulation does not prohibit Russians from having bank accounts, it only prohibits them from making a deposit into an account at a financial institution for an amount greater than 100 thousand francs (10 million rubles), said Valeria Shaikina, a junior lawyer at the international practice. from the K&P.Group 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, Julius Baer began notifying customers living in Russia of its plans to close their accounts. The organization noted that under current conditions the bank cannot provide services that meet its standards.
• At the end of 2023, several Swiss banks began charging fees for Russians’ blocked assets. According to experts, they do not want to manage the blocked assets on their own and cover the risks of future periods, so they are forced to collect service fees in another way.