Swiss private bank Julius Baer will end all business with clients based in Russia, it told them in a letter seen by Reuters, as wealth managers navigate a widening net of sanctions and restrictions related to Moscow's invasion of Ukraine, Report informs via Reuters.
Julius Baer will end all business with clients domiciled in the Russian Federation 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 end-September.