Swiss banks start to close accounts of Russian citizens

Some Swiss banks have begun to close accounts for citizens who have both Swiss and Russian passports, Roman Kudinov, managing partner of the Leolex legal bureau, said in an interview with Vedomosti, Report informs.

Partner at the multi-family office of the ITSWM group of companies, Ekaterina Popova, also confirmed that this practice exists in Switzerland.

Several clients of UBS and Credit Suisse with dual citizenship encountered this problem, Kudinov added. They all pay taxes in Switzerland, but do not receive income and do not pay taxes in Russia.

Together with clients, the office considers legal recourse, including filing claims of coercion and discrimination. A UBS representative declined to comment on the request from Vedomosti.