Swiss banks have started sending notifications to Russian clients regarding the potential closure of their bank accounts, which has sparked widespread reaction in financial circles. Marc Bürki, CEO of Swissquote, confirmed the circulating information, clarifying that accounts of Russians living in Switzerland are not being closed en masse, as such a step is taken only in exceptional situations. According to the bank head, the restrictions apply to cases where a client has appeared on a sanctions list or their economic activity is closely tied to Russia.
At the same time, according to one of the affected clients, this decision has also affected those with permanent residency rights in Switzerland and even dual citizens holding Swiss passports. According to sources, customer service explained the situation by citing the requirements of the Swiss Financial Market Supervisory Authority, noting that about six hundred accounts are involved. Marc Bürki stated that warnings were received by about six hundred clients, a significant portion of whom are users of the Yuh neobank, and the bank has already contacted them to find potential solutions.
The Swissquote CEO admitted that this decision is somewhat related to Russian citizenship, but simultaneously added that it is driven exclusively by economic reasons. The banking system representative emphasized that for customer service, they are obligated to verify the economic origin of deployed assets, compare data with sanctions lists, and exercise enhanced supervision over all transactions. Recall that at the end of May, Switzerland officially joined the twentieth package of EU anti-Russian sanctions.
This decision directly impacts certain foreign groups holding funds in Swiss financial institutions, demonstrating the consequences of strict regulatory requirements. Financial market supervisory audits are forcing banks to take drastic steps to eliminate potential risks.
Over the coming weeks, it will become clear how relations will develop between clients finding themselves in such a situation and the banks, as both sides are still trying to find mutually acceptable solutions.
