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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.

From November 1, 2026, Montenegro will introduce a visa regime for citizens of Russia and Belarus as part of the country’s gradual alignment of its visa policy with the requirements of the European Union.

Until the end of October 2026, Russian citizens will continue to benefit from the existing simplified entry regime. After that date, a visa will be required to enter Montenegro. The same changes will apply to citizens of Belarus.

The decision is connected with Montenegro’s obligations in the process of European integration and the fulfillment of requirements related to justice, freedom, and security.

The restriction of visa-free regimes for citizens of these countries is becoming an increasingly visible global trend. Many countries are gradually reviewing their entry regulations and strengthening migration controls in accordance with new security and legal frameworks.

For Russian citizens, this means that opportunities for visa-free travel and long-term residence abroad are gradually becoming more limited. As a result, more people are looking in advance for reliable options to obtain legal residence status in countries that offer stable conditions for living, working, and doing business.

Obtaining a Residence Permit in Serbia Is Becoming Increasingly Important

Serbia remains one of the most accessible destinations for Russian citizens who wish to obtain temporary residence and legally live in the country.

However, immigration regulations can also change, which is why postponing the process until the last moment may limit available options.

If you are planning to move to Serbia, establish a company, purchase property, work, or live in the country long-term, it is recommended to start preparing the necessary documents and arranging your residence status in advance.

Our team assists Russian citizens with obtaining a Serbian residence permit – from document preparation to full support throughout the application process.

Contact us today to learn about the available options for obtaining Serbian residence and to choose the solution that best fits your situation.

The earlier you begin the process, the more opportunities you have to maintain freedom of movement and stability for yourself and your family.

When starting a business, expanding a company, or entering the Serbian market as a foreign investor, one of the first and most important steps is choosing the right bank and opening a business account.

A banking partner is not only an institution used for payments – it is an important part of daily operations, financial management, and business growth. That is why choosing a bank that provides reliable services, modern digital solutions, and products tailored to clients’ needs is essential.

One of the banking groups recognized internationally for the quality of its services is Erste Group, which was named the best bank in Central and Eastern Europe by the international financial magazine Euromoney as part of the “Awards for Excellence”. This recognition highlights the group’s commitment to service quality, digital transformation, and the development of solutions for different types of clients.

For companies and entrepreneurs, selecting the right bank can significantly improve business efficiency. Fast account opening, properly prepared documentation, understanding procedures, and choosing suitable banking services can make the start of business operations much easier.

That is why professional assistance during the account-opening process can be extremely valuable. Our company supports clients in selecting the right solution and preparing the required documentation, ensuring that the entire process is faster, simpler, and free from unnecessary administrative challenges.

Whether you are starting a new company, expanding your existing business, or looking for a banking solution that fits your needs, we can help you complete the process efficiently.

Contact us for assistance with opening a bank account and receive guidance on required documents, procedures, and available options for your business.

Source of information about the recognition: Euromoney – Awards for Excellence / Erste Group.

International credit rating agency Fitch Ratings has reaffirmed Serbia’s BB+ sovereign credit rating while maintaining a positive outlook for a potential upgrade to investment grade. According to the agency’s projections, the country’s economic growth is expected to accelerate next year, while public finances continue to be assessed as stable, the Ministry of Finance and the National Bank of Serbia announced.

According to the two institutions, Fitch’s decision reflects the confidence of international investors in Serbia’s economic policy and the country’s ability to preserve macroeconomic stability despite ongoing global uncertainty.

In its report, Fitch said Serbia’s credit rating is supported by consistent macroeconomic policies, a stable exchange rate, prudent fiscal management, strong foreign exchange reserves, and higher GDP per capita compared with countries holding the same credit rating.

The agency noted that the positive outlook reflects expectations of stronger economic growth driven by investment, as well as the stabilization of public debt at a relatively low level. It also highlighted the resilience of Serbia’s economy to external economic shocks as a key strength.

Fitch forecasts Serbia’s economy to grow by 2.8% in 2026, with growth accelerating to 4.0% in 2027. The projected acceleration is linked to the implementation of the “Leap into the Future – Serbia 2027” development program and the economic impact of hosting EXPO 2027, the International Specialized Exhibition.

Over the medium term, Fitch expects the Serbian economy to maintain stable annual growth of around 3.5%, accompanied by continued increases in GDP per capita.

The agency also estimates that Serbia’s public debt will remain at approximately 44% of GDP between 2026 and 2028, well below the average for countries rated in the BB and BBB categories.

While acknowledging that global economic uncertainty remains a challenge, Fitch concluded that Serbia has demonstrated a high degree of resilience thanks to its economic policies and sound macroeconomic management.

The National Bank of Serbia pointed out that this marks the fourth consecutive Fitch report maintaining a positive outlook for an upgrade to investment-grade status, underscoring that Serbia remains close to achieving that milestone.

The report also noted that the current account deficit narrowed to 0.4% of projected GDP during the first four months of 2026, supported by stronger export performance—particularly in the automotive industry—higher services exports, and increased remittance inflows.

For the full year 2026, Fitch projects the current account deficit at 4.5% of GDP, with a further reduction expected in 2027 as tourism revenues increase during the hosting of EXPO 2027.

The agency also expects net foreign direct investment inflows to remain at just under 3% of GDP between 2026 and 2028, while anticipating a gradual shift toward investments in higher value-added and more technologically advanced sectors.

The Russian Consul General in Geneva, Igor Popov, stated that Switzerland, according to the Russian side, has joined efforts related to the review and possible restriction or freezing of assets belonging to Russian citizens and companies.

According to these claims, the Russian consulate believes that such measures are causing concern and confusion, and that an increasing number of Russian citizens in Switzerland are facing difficulties accessing their bank accounts.

It is also reported that there is a risk that certain owners of funds and real estate in Switzerland may face restrictions on managing their property, including clients of Swiss banks.

At the same time, it is noted that Switzerland joined sanctions against Russia, including measures introduced by the European Union, the United States, and Canada.

Meanwhile, European institutions are once again discussing the possibility of using frozen Russian assets to support Ukraine, while noting that disagreements among member states still remain due to legal and political risks.

According to the British charity organization Oxfam, wealthy individuals around the world may be keeping up to $3.55 trillion out of reach of tax authorities — more than 3% of global GDP. Over 80% of this sum, approximately $2.84 trillion, is concentrated in the hands of just 0.1% of the richest people on the planet.

The report was released on the tenth anniversary of the publication of the “Panama Papers”, a database containing information about the owners of offshore companies, which was made public by journalists in 2016. According to Christian Hallum, head of Oxfam’s international tax division, the “Panama Papers” “revealed the hidden financial world where billionaires move vast fortunes beyond the reach of tax authorities. Even ten years later, the ultra-rich continue to keep oceans of wealth in offshore accounts.”

Oxfam once again calls for additional taxes on the ultra-wealthy and for more coordinated international action to combat offshore holdings and other forms of tax evasion.

Particular attention is being paid to those living in the country through the “visa run” scheme, with regular departures and re-entries to extend their stay.

Despite the visa-free regime, authorities now consider not the date of the last entry, but the total time spent in the country. Staying without a proper status is increasingly classified as a violation, and inspections are already resulting in fines and orders to leave the country.

Important! We have repeatedly warned: a “visa run” is not a solution and not a legal way to reside long-term in Serbia. It is a temporary scheme that has always carried risks.

If you chose this path based on someone’s advice – now is the time to reconsider. You can thank the “advisors” later, but the consequences are already starting to appear.

Do not wait until the situation escalates to:

• Confiscation of documents at the border

• Court proceedings

• Entry bans

The reality has already changed.

The only safe and long-term option is to obtain a residence permit legally.

We recommend not delaying:

• Analyze your situation

• Develop a clear legalization plan

• Submit your residence permit application

Contact us and we can help assess the risks and ensure everything is done correctly, while you still have time and the opportunity to handle it calmly, rather than in an emergency.

Serbia will begin applying the rules of the SEPA (Single Euro Payments Area) on May 5, enabling faster, simpler, and more affordable money transfers with Europe for both citizens and businesses.

SEPA includes countries of the European Union, as well as Norway, Switzerland, and the United Kingdom. Serbia has become the 41st member of this system. As a result, euro payments between Serbia and these countries will be processed under unified rules, just like domestic transactions.

The biggest change is in speed and cost—transfers that previously took several days will now typically be completed within one business day, with significantly lower fees.

For citizens, this means faster and cheaper remittances, while businesses will benefit from easier payments to suppliers and quicker collections from partners across Europe, reducing operational costs.

In the initial phase, Serbian banks are joining the SEPA Credit Transfer scheme, while instant payments (within seconds) are expected in the coming years.

It is important to note that SEPA applies only to euro-denominated cross-border transactions, and users have no additional obligations other than using the correct IBAN.

Serbia’s entry into SEPA marks an important step toward aligning with European financial standards and improving the overall business environment.

Russia is considering introducing a ban on phone calls from so-called “unfriendly countries.” This was stated by Vladimir Putin, who noted that the initiative is aimed at strengthening the fight against phone scams, a significant portion of which, according to authorities, originates from abroad.

The country already has several protective measures in place: suspicious international calls are automatically blocked, foreign numbers are flagged, and banks and telecom operators face stricter requirements for handling citizen inquiries.

As of today, the list of “unfriendly” countries includes 47 states, for which additional restrictions on phone traffic may be imposed. The list includes Australia, Albania, Andorra, the Bahamas, the United Kingdom (including crown dependencies and overseas territories), as well as European Union countries—from Austria and Belgium to Sweden and Estonia. Other countries deemed “unfriendly” include Iceland, Canada, Liechtenstein, Micronesia, Monaco, New Zealand, Norway, South Korea, San Marino, North Macedonia, Singapore, the United States (including the U.S. Virgin Islands), Taiwan, Ukraine, Montenegro, Switzerland, and Japan.

Serbian citizens can now use their national payment card, Dina, for transactions abroad, following a strategic partnership between the National Bank of Serbia (NBS) and U.S.-based Discover Financial Services. The collaboration enables international usage of the co-branded Dina-Discover card at approximately 70 million points of sale and ATMs across more than 200 countries and territories.

According to the NBS, this move greatly enhances the functionality of the domestic payment system, offering Serbian citizens a more convenient, secure, and streamlined way to pay and withdraw money during international travel. Instead of relying on multiple foreign cards or carrying cash, users will now be able to access their funds directly through the globally accepted Dina-Discover card.

The initiative is also expected to bring economic benefits to Serbia. With the processing center for the Dina card remaining in the country, all associated transaction fees and commissions will be retained domestically, supporting the local financial sector and contributing to economic growth.

Beyond benefits for individual users, the partnership opens new doors for Serbian businesses. Through integration with the Discover Global Network, local merchants — particularly small and medium-sized enterprises — will gain access to a wider international customer base, including clients from the United States, Japan, Brazil, Turkey, and India. This is expected to drive sales and support expansion into global markets.

The NBS emphasized that the internationalization of the Dina card is a significant step in the modernization of Serbia’s payment infrastructure and marks progress in the country’s pursuit of financial independence.