Saxo Bank terminates Russian, Belarussian clients following sanctions By Reuters

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 international locations following Russia’s invasion of Ukraine.

“It’s a small variety of purchasers, and a call made on the premise of the more durable sanctions imposed on the 2 international locations 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, clients from Russia or Belarus had been not capable of open new positions or improve 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 could be topic to elevated scrutiny, it added.