Swiss banks reportedly warning clients their accounts will be closed if they pay taxes to Russia

Swiss banks have begun warning Russian customers that their accounts will be closed if they continue paying taxes to Russia, the outlet RBC reported on Thursday, citing two Swiss lawyers who work with Russian clients and a source from the country’s banking sector.

According to Roman Kudinov, a managing partner at the international accounting and legal firm LEOLEX, he was contacted a month ago by about ten clients from the banks UBS and Credit Suisse. All of them said they had received calls from bank employees who warned them that if they continued to be the owners of companies that pay taxes in Russia, the “bank will have to close their account.” Kudinov said the warnings were “unofficial for now.”

Another Swiss lawyer said that some of his clients have already had their accounts blocked after they paid taxes in Russia. A source from the banking sector told RBC that the bank UBS may have sent letters warning of the same issue to some of its clients.

Kudinov said the banks are likely resorting to account closures because of pressure from the Swiss authorities.