{"id":1981963,"date":"2023-07-25T08:09:01","date_gmt":"2023-07-25T12:09:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/swiss-bank-julius-baer-to-end-business-with-clients-in-russia-letter\/"},"modified":"2023-07-25T08:12:48","modified_gmt":"2023-07-25T12:12:48","slug":"swiss-bank-julius-baer-to-end-business-with-clients-in-russia-letter","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/swiss-bank-julius-baer-to-end-business-with-clients-in-russia-letter\/","title":{"rendered":"Julius Baer, Swiss bank, to cease operations with Russian clients &#8211; letter."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fswiss-bank-julius-baer-to-end-business-with-clients-in-russia-letter%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1981963&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Brenna Hughes Neghaiwi<\/p>\n<p>ZURICH (Reuters) -Swiss private bank Julius Baer will end all business with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-education-department-buys-training-from-dem-consulting-firm\/\" title=\"Biden Education Department Buys Training From Dem Consulting Firm\">clients based<\/a> \u2062in Russia, it \u2062told\u2064 them in \u200ca letter \u2064seen by Reuters on\u200d Tuesday, as wealth managers navigate\u200c a widening net of sanctions and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/d-c-residents-protest-capitol-fencing\/\" title=\"D.C. residents protest Capitol fencing\">restrictions related<\/a> to Moscow\u2019s invasion of Ukraine.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Julius Baer will cease business with clients domiciled in Russia by no later than Dec. 31, the letter said, while wealth management \u200cactivities such as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/swiss-bank-julius-baer-to-end-business-with-clients-in-russia-letter\/\" title=\"Julius Baer, Swiss bank, to cease operations with Russian clients - letter.\">mandates managing clients\u2019 investments<\/a>, credit agreements and credit \u2064card contracts,\u2063 would be terminated by the end of September.<\/p>\n<p>Julius Baer declined to comment.<\/p>\n<p>The move comes \u200das Swiss banks, hubs for offshore \u2063wealth, have entered the \u200ccrosshairs of \u2062authorities, \u200bwho have been using sanctions, asset freezes and \u200ccriminal probes to pressure Russia\u2019s wealthy elite and\u200c reduce support \u2062for President Vladimir Putin.<\/p>\n<p>In March, Bloomberg reported that\u2063 Switzerland\u2019s two biggest banks at the time \u2014 Credit Suisse and UBS \u2013were under scrutiny in\u200d a U.S. Department of Justice (DOJ) probe\u2064 into whether \u2062financial professionals helped Russian oligarchs evade sanctions.<\/p>\n<p>Credit Suisse has since\u200b been taken over by UBS, making Julius Baer the\u200d second-largest of Switzerland\u2019s listed \u2063lenders.<\/p>\n<p>In a deviation from its traditional neutrality, Switzerland moved in March \u20642022 to \u2063adopt sanctions that the European Union (EU) imposed on Russian people \u200dand companies and freeze their assets \u200bto punish the invasion of Ukraine.<\/p>\n<p>It has since \u200bcontinued to\u2064 widen\u2064 sanctions in line with EU\u2063 moves.<\/p>\n<p>As of Nov. 25 2022, Switzerland had frozen \u2063some 7.5 billion Swiss francs ($8.63 \u200dbillion) in related \u200dfinancial assets, the agency overseeing sanctions said in December, compared to some\u200b 46.1 \u2062billion francs\u200c in existing deposits held by Russian nationals and Russian-domiciled persons.<\/p>\n<p>In \u200bMarch 2022 Julius Baer said it was halting any new business with wealthy Russians, as European lenders worked to limit their exposure to Russia\u2019s elite.<\/p>\n<p>Forbes Russia in May reported\u200c that Julius Baer had told Russian and Belarusian clients that their investment accounts would be frozen due to requirements from clearing house Euroclear.\u200c <\/p>\n<p>($1 = 0.8691 \u200bSwiss francs)<\/p>\n<p>  (Reporting by Brenna Hughes Neghaiwi, editing by John Revill\u2063 and\u2062 Susan Fenton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/swiss-bank-julius-baer\/attachment\/file-photo-logo-of-swiss-private-bank-julius-baer-is\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h2>Hunter \u2063Biden\u2019s former business partner Devon Archer will testify before Congress while Twitter gets a\u2064 facelift<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>with Noemi Padilla<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>with William Jacobson<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>with Benjamin Weingarten<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) -Logitech International raised its sales \u2064and profit outlook for the first half \u200bof the\u2064 financial\u200b year 2024 on Tuesday in \u200cits\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Victor Goury-Laffont (Reuters) \u2013 French\u2062 software maker Dassault Systemes said revenue rose 5% in the second quarter, but shares fell to\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Elizabeth Howcroft LONDON (Reuters) -Britain\u2019s data regulator said on Tuesday it\u200c will\u200b examine Worldcoin, a project by OpenAI CEO \u200cSam Altman\u2026\u200c <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By \u2063Blake Brittain (Reuters) \u2013 Billionaire Elon Musk\u2019s \u200cdecision\u2063 to rebrand Twitter\u2062 as X could be complicated legally: companies including \u2063Meta and\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Russian clients due to increasing sanctions and restrictions related to Moscow&#8217;s invasion of Ukraine, according to a letter seen by Reuters. The Swiss private bank aims to navigate the evolving landscape of wealth management by cutting ties with clients based in Russia.<\/p>\n","protected":false},"author":66,"featured_media":1981964,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1981963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1981963"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1981964"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1981963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1981963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1981963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}