OREANDA-NEWS  Switzerland's largest bank, UBS, has decided to abandon most of its Russian clients. This is reported by NZZ am Sonntag with reference to its own sources.

After the takeover of Credit Suisse, the organization plans to close up to 75 percent of the accounts of Russians, as it considers cooperation with them too risky. According to the publication, first of all, the rupture of relations with UBS threatens "offshore clients", that is, persons with a Russian passport who live in other countries and are serviced by Credit Suisse on a cross-border basis. In addition to them, UBS intends to reject clients from other jurisdictions out of fear for its reputation.

According to an unnamed employee of the bank, UBS compliance has long treated Russia "with suspicion", and since 2014, after the inclusion of Crimea into Russia, the bank has stopped entering into new transactions with Russian customers. At the same time, Credit Suisse was actively expanding its business at the expense of Russians.