European banks hardened the requirements for Russian customers

If before, the minimum amount of waste in the account was $ 2 million, now the banks require $ 5 million, $ 10 million and even $ 15 million, said Mark Oigman, managing partner, Smartgen multifamily office. Because of this, the Russians are forced to transfer capital of Great Britain, Austria, Switzerland and Liechtenstein to more favorable countries, such as Israel and the United States, he added.

According to the IPN Partner Inna Perelevkova partner, the waste requirements have grown since the end of 2023, but in December 2024, the Swiss UBS and LGT sent accounts notifications to Russian customers, the remains on which they exceeded $ 20 millions. Additional factor in the termination of the service to receive income from Russian Sources, Perelekhova explained.

The banks of the private bank segment, focused on working with rich clients, such as France, Switzerland, Luxembourg, Latvia, Austria and Spain, the expert said the expert said that the increase in limits and the introduction of additional requirements is used with greater Frequency by the banks of the private bank segment, focused on working with rich customers in countries such as France, Switzerland, Luxembourg, Latvia, Austria and Spain, said the expert.

Many banks, including Julius Baer, ​​UBP, Pictet, Vontobel, Hyposwiss and EFG, agree to serve the Russians only if the remains in their accounts are at least $ 5 million, and sometimes $ 10 million, Pereperekhova added.

The reason for the increase in the minimum: high service costs to the Russians associated with the risks of sanctions, explained the president of the Russian Israeli lawyer, Eli Gervitz. For banks, the content of compliance departments becomes economically non -profitable, which should constantly verify Russian customers for compliance with sanctions and other geopolitical risks, Polekhov agreed.