Swiss bank Julius Baer (BJB) said on Tuesday that it would carry out a forced segregation of financial instruments belonging to citizens of Russia and Belarus in accordance with the requirements of the Belgium-based international settlement depository Euroclear
ZURICH (Pakistan Point News / Sputnik - 23rd May, 2023) Swiss bank Julius Baer (BJB) said on Tuesday that it would carry out a forced segregation of financial instruments belonging to citizens of Russia and Belarus in accordance with the requirements of the Belgium-based international settlement depository Euroclear.
On Monday, the bank notified its Russian and Belarusian clients that their investment accounts would be segregated from other assets and operations on them would be frozen due to Euroclear requirements, Forbes reported. The measures will not apply to clients who are citizens of an EU country, the European Economic Area or Switzerland. The accounts of individuals who hold residency permits in the listed countries will not be subject to 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 segregation of securities held in Belgian custodian banks... Julius Baer has informed affected clients accordingly," the bank's spokeswoman told Sputnik.
She added that the bank complies with laws and regulations, including national and international sanctions, applicable to its business activities.
"As a global company, we are used to operating in different jurisdictions and are required to comply with all applicable rules," the spokeswoman said.
The European Union last year ordered Euroclear to freeze Russian assets in response to the military operation in Ukraine.
