According to a number of reports, Swiss banks, UBS and Credit Suisse are beginning to close private banking accounts of certain Russian customers. 

UBS and Credit Suisse are looking to close clients who hold less than $5 million in their accounts unless they pay a monthly charge of 1,000 Swiss francs. The banks themselves are denying this but UBS have stated clients must hold more than $5 million in their private bank accounts to ensure profitability.

One banker told Forbes that Russian customers had notices sent to their rarely checked mailboxes in Switzerland, and would have received a surprise to learn that charges were placed upon their accounts, perhaps many months later.

Wealthy Russians have had problems with their foreign bank accounts since Western sanctions were imposed for Russia’s annexation of Crimea and the country’s support for rebel separatists in Eastern Ukraine.

It is believed the Swiss targeting of Russian clients is a self imposed policy by the country to keep relations sweet with western governments.