Swiss banks began to close accounts for Russians with dual citizenship

Some Swiss banks have begun to close accounts for citizens of the country who also have a second Russian citizenship. Clients of UBS and Credit Suisse have encountered similar practices, they report “Vedomosti”.

Managing partner of the Swiss law firm Leolex, Roman Kudinov, told the publication that clients of these banks who have a second Russian citizenship do not receive income and do not pay taxes in Russia. The bureau, he said, is considering going to court on this issue.

Partner at the multi-family office of the ITSWM group of companies, Ekaterina Popova, says that Swiss banks have begun to look at any connections their clients have with Russia. As an example, she cited a case when, after checking transactions, the bank closed the account of its client for transferring several hundred euros to an acquaintance in Russia. Vedomosti’s interlocutors also say that credit institutions in some cases require confirmation of renunciation of Russian citizenship.

Several lawyers, in a conversation with the publication, suggested that such measures are related to the need to allocate additional funds for client checks. In addition, banks could increase their caution in relation to clients with Russian passports due to sanctions risks.

On the slowdown in capital outflow from Russia – in the material of Kommersant FM “Capital will remain in Russia”.