ZURICH, May 23. One of the largest Swiss banks, Julius Baer, will conduct a forced separation of financial instruments of citizens of Russia and Belarus in accordance with the requirements of the international settlement depository Euroclear, registered in Belgium .
On Monday, Forbes reported that Julius Baer has notified its Russian and Belarusian clients that their investment accounts will be segregated from other assets, and operations on these investment accounts will be frozen due to Euroclear's requirements. It was clarified that the measure would not apply to customers who have the citizenship of an EU country, the European Economic Area or Switzerland. According to the publication, the accounts of individuals who have a residence permit of the listed countries will not fall under segregation.
«»The interpretation of some sanctions is constantly changing. Euroclear has informed us that the Belgian authorities' interpretation of the EU cash deposit limit requires the segregation of securities held in Belgian depositary banks… Julius Baer has notified affected customers accordingly,» the press said. — bank service.
Julius Baer complies with laws and regulations, including national and international sanctions, that apply to its business activities, the spokeswoman added. «As a global company, we are used to working in different jurisdictions and are required to comply with all applicable rules,» the agency's interlocutor said.
In February 2022, the European depositories Clearstream and Euroclear introduced restrictions against the central depository of Russia — the «National Settlement Depository», which led to the freezing of some of the securities of Russian investors, dividend payments and coupons.< br />