GENEVA — Swiss online bank Swissquote will close approximately 600 accounts held by Russian nationals residing in Switzerland, the bank confirmed on Wednesday.
The closures are driven primarily by economic considerations, Swissquote stated in a brief announcement. While the bank did not elaborate on specific financial or regulatory pressures, industry analysts noted that heightened compliance scrutiny on Russian clients has intensified in recent quarters.
Swissquote, which operates under Swiss financial regulations, has not disclosed further details regarding the affected account holders or the timeline for the closures. The bank emphasized that the decision aligns with its risk management policies and ongoing efforts to mitigate exposure to jurisdictions subject to sanctions or heightened regulatory oversight.
The move follows a broader trend among European financial institutions to reassess client relationships tied to Russian nationals, particularly those with ties to jurisdictions under Western sanctions. Swissquote, which provides wealth management and trading services, has not indicated whether the closures are voluntary or influenced by external regulatory directives.
A spokesperson for Swissquote declined to comment beyond the initial statement. The bank’s decision comes as Swiss financial regulators continue to align domestic policies with international sanctions regimes targeting Russia.
