Deutsche Bank's wealth management business has stopped accepting new Russian clients living abroad, joining other lenders in reducing business with the country’s rich.
“In the current environment, Deutsche Bank will not consider new offshore business requests for WM clients with a Russian nexus,” a spokesman for Germany’s largest lender said in an emailed statement, responding to a question from Bloomberg News.
Deutsche Bank’s move comes on the back of the lender’s decision to wind down business in Russia after the invasion of Ukraine. Other major firms that have made similar announcements include Goldman Sachs Group, JPMorgan Chase and Citigroup.
The money held by Russians in banks outside their home country has drawn scrutiny after sanctions have been placed on many of them, with the Swiss lenders UBS Group and Julius Baer Group saying they have outstanding loans to sanctioned individuals. Deutsche Bank, based in Frankfurt, declined to answer whether it has such business relationships.
“We support the decisions of the German government and its allies and are strictly and consistently implementing sanctions,” the spokesman wrote.
Rothschild & Co. has also
