UBS, which offers wealth management services to Russian clients, will help enforce any sanctions against Russia following its invasion of Ukraine.
“As a global financial institution, UBS complies with applicable legal and regulatory requirements across jurisdictions, including sanctions,” according to a UBS statement.
From Switzerland, UBS offers wealth management and investment services to Russian high-net-worth and affluent individuals around the world, according to information on its website. UBS also has an office in Moscow.
Last week, UBS issued margin calls to clients who use Russian bonds collateral.
Following the Russian invasion of Ukraine, Western firms have been urged to reconsider their operations in Russia. On Sunday the American Chamber of Commerce in Ukraine urged its members, which include Google, IBM, Cisco Systems, Delta Airlines and Coca-Cola, to rethink their presence in Russia.
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