Swiss private bank Julius Bär will end all business with clients based in Russia, it told them in a letter seen by Reuters on Tuesday.
The bank will cease business with clients domiciled in Russia by no later than December 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.
Julius Bär declined to comment.
The move comes as Swiss banks, hubs for offshore wealth, have entered the crosshairs of authorities, who have been using sanctions, asset freezes and criminal probes to pressure Russia’s wealthy elite and reduce support for President Vladimir Putin.