This is because the risks are too high for Swiss bank UBS, which recently took over its rival in a government-brokered merger.
It is not clear exactly which Russians are affected, the paper wroteExternal link. However, they are said to be primarily Russian offshore clients: clients with a Russian passport who live abroad and who are currently serviced by Credit Suisse from Switzerland on a cross-border basis.
UBS did not want to take a position on the issue, the NZZ am Sonntag said, but it did mention its lower appetite for risk than its former competitor. Moreover, it wanted to “anchor its risk management principles and corporate structure throughout the combined organisation” of UBS and Credit Suisse, it told the paper.
The bank’s decision would also affect other Credit Suisse clients in other regions, but to a lesser extent, according to the NZZ am Sonntag.
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The Swiss private bank will end all business with clients based in Russia, it told them in a letter seen by Reuters on Tuesday.
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40,000 signatures against animal testing in Switzerland
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US authorities investigate Credit Suisse and UBS over Russian sanctions
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Credit Suisse and UBS are among a group of banks under investigation for allegedly having helped some Russian oligarchs to evade financial sanctions.
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