The Swiss banking group Julius Baer Group AG is reducing its activities in Russia against the backdrop of a special operation carried out by the Russian Federation to protect residents of Donbass. This was stated on March 21 in a press release from the group.
As noted, the company complies with all requirements, including the requirements of national and international sanctions. Attracting new customers has been stopped since the start of the special operation.
“The Group is reducing local operations in accordance with contractual agreements while ensuring the protection of its employees,” the document says.
Julius Baer continues to assess market risks for certain open transactions with Russian financial institutions relating to Russian securities.
“The security value of Russian assets, including those traded outside the country, was reduced to zero in February 2022,” the company added.
Julius Baer Group provides private services to wealthy clients and is one of the leaders in wealth management. Bank Julius Baer was founded in Zurich over 120 years ago.
On March 17, Switzerland decided to impose sanctions against Russia, previously developed and adopted on March 15 by the European Union. They also include a ban on the export of luxury goods.
The day before, the country expanded sanctions against Russia, the country blacklisted more than 200 individuals and entities from Russia.
The fourth package of EU sanctions against Russia came into force on March 15. Sanctions prohibit new investments in the energy sector of the Russian Federation, exceptions include peaceful atom and transportation of energy resources to the EU. Individuals and organizations are also subject to EU restrictions. French Minister of Economy and Finance Bruno Le Maire said that the sanctions would affect over 600 Russians and most of the Russian financial system. In addition, EU members have banned the export of luxury goods, which include luxury foreign cars, jewelry and more.
Sanctions against Russia were imposed by a number of Western countries after Russian President Vladimir Putin announced on February 24 the start of an operation to protect the civilian population of Donbass. A few days earlier, the situation in the region escalated due to shelling by the Ukrainian military. The authorities of the Donetsk and Lugansk People’s Republics announced the evacuation of residents to Russian territory, and also turned to Moscow for help. On February 21, Putin signed a decree recognizing the independence of the DNR and LNR.