Saxo Bank terminates Russian, Belarussian clients following sanctions

COPENHAGEN (Reuters) – Danish funding financial institution Saxo Financial institution mentioned on Saturday it had terminated purchasers from Russia and Belarus in response to sanctions imposed on these nations following Russia’s invasion of Ukraine.

“It’s a small variety of purchasers, and a call made on the premise of the harder sanctions imposed on the 2 nations on account of Russia’s horrible invasion of Ukraine,” a spokesperson for the financial institution mentioned in a press release to Reuters.

As of Friday, prospects from Russia or Belarus have been now not capable of open new positions or enhance the scale of present ones. The terminations would take full impact on June 8, the financial institution mentioned.

Till then, these purchasers will nonetheless be capable of withdraw money and securities, however the transactions can be topic to elevated scrutiny, it added.

(Reporting by Nikolaj Skydsgaard; Modifying by Jan Harvey)