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Saxo Bank terminates Russian, Belarussian clients following sanctions -Breaking


© Reuters. FILEPHOTO: This is an image of a bull statue in a Danish Saxo office in Copenhagen. January 22, 2015. REUTERS/Fabian Bimmer

COPENHAGEN (Reuters), – Saxo Bank, a Danish bank of investment said that on Saturday, it terminated client relationships with Russia and Belarus as a response to the sanctions imposed upon those countries after Russia invaded Ukraine.

A spokesperson for the bank stated in a statement that it was a limited number of clients and that the decision was made on the basis the harsher sanctions imposed against the two countries following Russia’s invasion of Ukraine.

Customers from Russia and Belarus are no longer allowed to apply for new jobs or expand their existing ones. The bank stated that the terminations would be effective on June 8.

These clients can withdraw cash or securities until then. However, the transaction would still be subject to greater scrutiny.