This is because the risks are too high for Swiss bank UBS, which recently took over its rival in a government-brokered merger.
It is not clear exactly which Russians are affected, the paper wroteExternal link. However, they are said to be primarily Russian offshore clients: clients with a Russian passport who live abroad and who are currently serviced by Credit Suisse from Switzerland on a cross-border basis.
UBS did not want to take a position on the issue, the NZZ am Sonntag said, but it did mention its lower appetite for risk than its former competitor. Moreover, it wanted to “anchor its risk management principles and corporate structure throughout the combined organisation” of UBS and Credit Suisse, it told the paper.
The bank’s decision would also affect other Credit Suisse clients in other regions, but to a lesser extent, according to the NZZ am Sonntag.
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Julius Bär to cut ties with Russian clients by 2024
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The Swiss private bank will end all business with clients based in Russia, it told them in a letter seen by Reuters on Tuesday.
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Solar energy pioneer Raphaël Domjan and his team continued preparations for the altitude record attempt at 10,000 metres with the SolarStratos solar aircraft.
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Cattle in the canton of Geneva and in the neighbouring region of Terre Sainte in the canton of Vaud are being vaccinated against the contagious viral skin nodule disease. The first cases of the animal disease were reported at the end of June in France, just outside Geneva.
Fewer attacks on Swiss ATMs but their future remains uncertain
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Bank ATMs in Switzerland are less prone to attacks by criminals, but their future remains uncertain given the less active use of cash by the population.
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A series of rockfalls occurred above the village of Brienz between 9 and 12 July. According to the municipality of Albula, the overall situation remains tense. Several people disregarded the ban on entering the area around the village.
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Arosa Bergbahnen achieved the highest figure in its 95-year history in the 2024/25 financial year with net revenue of CHF 37 million. Arosa Lenzerheide was able to capitalise on strengths such as snow reliability and the size of the ski area in a long winter season, the company announced on Thursday.
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Unknown perpetrators stole ceramic dental implants during a break-in at a company in Oensingen, northern Switzerland, on Tuesday night.
Euro 2025: Bern prepares for massive parade ahead of Switzerland-Spain game
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The last Euro 2025 match to be played in Bern, the quarterfinal between Spain and Switzerland at 9pm on Friday, promises to be a great celebration of football.
Clariant faces further ethylene price-fixing claim
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Swiss chemicals group Clariant is facing a further claim for damages in connection with ethylene price-fixing agreements.
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The Grande Dixence dam in Lower Valais is closed to visitors due to a rockfall last weekend. The nearby hotel also had to temporarily suspend operations for safety reasons.
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US authorities investigate Credit Suisse and UBS over Russian sanctions
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Credit Suisse and UBS are among a group of banks under investigation for allegedly having helped some Russian oligarchs to evade financial sanctions.
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