European banks have tightened the inspections of their clients from Russia.
The inspections are held within the preparation for the exchange of tax information according to the standards of the Organization for Economic Cooperation and Development. In addition to the income reference for the residents of the Russian Federation a certificate of status confirmation of the tax resident is to be provided. The Russian citizens, who have problems while being inspected, can be restricted in operations on the account or it can lead to its blocking.
“The bank can block the account or ask the client to voluntarily withdraw funds and cease cooperation,” the Russian expert says.
According to media, now in Switzerland, accounts of several thousand Russians are under the threat of blocking.
At the same time, European banks that do not provide information about foreign clients can face fines, and experts say that it will not be profitable for financial institutions to work with problematic clients.
Earlier QHA reported that the US Treasury published the "Kremlin list" envisaged by the new law on sanctions. It included such Russian businessmen as Oleg Deripaska, Roman Abramovich, Vladimir Potanin, and Mikhail Fridman.