In order to comply with European sanctions against Russia due to its attack on Ukraine, a few Swiss financial institutions have exceeded the bar.

UBS, Migros Bank and Postfinance are among the Swiss financial institutions that have falsely closed accounts belonging to unsanctioned individuals and companies, a “Blick” (in German, behind a paywall) says the report, citing comments from Guy MettanPresident of the Swiss-Russian & CIS Chamber of Commerce.

“I know of a company whose accounts were blocked overnight by UBS without any justification and which was therefore no longer able to pay its Swiss suppliers,” Mettan told Swiss news wire AWP, adding that the UBS’s case was not isolated. .

Switzerland’s largest bank responded to AWP that it was “working diligently and dedicatedly to comply with all requirements, especially sanctions, and to manage their possible consequences,” the report said.

Swiss Bankers Association

The Swiss Bankers Association did not issue specific recommendations to its members, as it did not feel able to comment on developments in Swiss banks’ business relationships with Russian customers, the report said.

Postfinance told AWP that all relations with customers residing in Russia had been severed but that Russian nationals residing in Switzerland could keep their accounts provided they were not subject to sanctions and were in possession of a valid residence permit.

Russian oligarchs

Since Switzerland adopted the European sanctions imposed on Russia in February, Swiss banks and financial institutions are prohibited from accepting new deposits greater than 100,000 Swiss francs ($105,800) from Russian citizens, natural persons residing in Russia and companies or organizations established there. They also froze billions of francs in assets belonging to Russian-sanctioned oligarchs.