Swiss UBS and Credit Suisse Warn Russian Clients

Swiss banks UBS and Credit Suisse have begun warning their Russian clients about account closures if they continue to pay taxes to the Russian budget. This information was reported by RBC, referencing lawyers and sources within the Swiss banking sector.

"Our law firm has been approached by about ten individuals who have received unofficial phone calls from bank employees, cautioning them that if they do not cease to be owners of companies based in Russia and continue to pay taxes, the bank will be forced to close their accounts," said Roman Kudinov, managing partner at the LEOLEX law firm.

Another Swiss lawyer asserted that his clients have already experienced account blockages due to tax payments to the Russian budget.

Switzerland earlier aligned itself with the sanctions imposed by the European Union following Russia's large-scale invasion of Ukraine. Reports indicate that Swiss financial institutions are prohibited from accepting deposits from Russian individuals and entities if the deposit amount exceeds 100,000 Swiss francs per depositor.

As of November 25, Swiss authorities have frozen 7.5 billion Swiss francs (approximately 7.89 billion dollars) in Russian assets. In addition to freezing finances, Swiss authorities have seized 15 properties attributed to sanctioned Russians.