One of the largest Swiss banks, Julius Baer, has notified its clients from Belarus and Russia that their investment accounts were frozen due to the sanctions, reports Forbes.
Swiss bank Julius Baer sent notifications to its Belarusian and Russian clients that their investment accounts would be isolated from other assets, while transactions in these accounts would be frozen.
In one of such letters, which was made available to the publication, the bank refers to the requirement of the international depositary Euroclear to take measures against the accounts of the Belarusians and Russians under the sanctions law.
The notices also say that the sale of securities held by Euroclear to Belarusians and Russians has been suspended, while the purchase of new ones is impossible. Money from the sale of shares and bonds, coupon and dividend payments will be held in separate accounts. These accounts have limited access, and customers cannot dispose of them.
Letters sent to clients on Monday, May 22, say the measures will take effect immediately. Securities held at other depositories are not yet affected, but the bank did not rule out that other depositories in the EU or another jurisdiction could impose similar restrictions.
The requirement does not apply to those Belarusians and Russians who hold citizenship or residence permits in the EU, the European Economic Area or Switzerland.
