The Geneva-based private bank bids a surprise late farewell from the Russian capital. What tipped the balance for Cramer?
Geneva-based Banque Cramer is shutting down its Moscow office. The Geneva-based private bank confirmed its decision to news agency «AWP». The operating license for its representative office expires at the start of February and the bank has decided not to apply to the Russian central bank for an extension.
Cramer opened the office five years ago and has lately been running it with three employees, who provide the Swiss bank’s services to the local clientele.
Industry’s Heavyweights Are Long Gone
The bank told the agency it was pulling out of Moscow because of the sanctions regime, which has also been applied in Switzerland since Russia invaded Ukraine in 2022. This has led to significant restrictions in serving Russian domestic clients. Cramer said it was strictly applying the sanctions in force.
Nevertheless, the small private bank’s original decision to stick it out in the Russian capital had been raising eyebrows, as Swiss banking giants UBS and Credit Suisse closed their branches there in 2022. Reports in the media suggest private bank Julius Baer decided last summer to stop doing business with individuals domiciled in Russia. Zurich investment firm Vontobel has gone so far as to no longer serve any clients with a «Russian connection» at all.
Formerly a Billion-Dollar Business
According to estimates by the Swiss Bankers Association (SBA), around 200 billion Swiss francs in assets from Russian clients were deposited in Swiss banks before the Ukraine war. The State Secretariat for Economic Affairs (SECO) has since blocked 7.7 billion Swiss francs in assets in connection with the sanctions on Russia.
