Swiss private bank Julius Baer (BAER.S) will end all business with clients based in Russia, it told them in a letter seen by Reuters on Tuesday, as wealth managers navigate a widening net of sanctions and restrictions related to Moscow’s invasion of Ukraine.
Julius Baer will cease business with clients domiciled in Russia by no later than Dec. 31, the letter said, while wealth management activities such as mandates managing clients’ investments, credit agreements and credit card contracts, would be terminated by the end of September.
Read More : Swiss Bank Julius Baer to Cease Operations with Russian Clients – Letter Confirms