Swissquote and Yuh Begin Closing Accounts of Some Russian Clients Living in Switzerland

Swiss banking group Swissquote and its fintech subsidiary Yuh have begun closing the accounts of some Russian citizens living in Switzerland. The Swiss financial news portal Inside Paradeplatz (IP) reported this on August 14.

Swissquote CEO Marc Bürki confirmed that the bank has terminated relationships with some clients. According to him, the bank is required to close accounts in certain cases, including those belonging to individuals subject to sanctions, as well as clients whose financial circumstances or business activities have close ties to Russia.

At the same time, Bürki stressed that this does not mean that the bank is terminating its services for all Russian citizens.

According to Inside Paradeplatz, around 600 accounts may have been affected. The clients reportedly include Swiss tax residents holding a permanent Category C residence permit, as well as people with dual citizenship, including Swiss citizens.

Yuh users themselves have also reported account closures. On online forums, several Russian citizens said they had received notifications that their accounts would be closed. Some said they permanently live and work in Switzerland and have no transactions connected to Russia. These reports, however, do not constitute official bank statistics.

Thus, based on the available information, the account closures reported by Swiss media and fintech service customers appear to affect only part of Yuh’s Russian customer base. There has been no official confirmation of the exact number of accounts closed or of the full set of criteria used to decide whether to terminate a customer relationship.