Saxo Bank will Cease Providing Services to Russian and Belarussian clients

As a result of the fines, the financial services provider intends to shut down brokerage accounts.

Existing customers must close all trades and remove all funds within two months.

Saxo Bank, a Danish financial corporation, is said to have told its Russian and Belarusian customers that their services would be terminated. It's based on a study from RBC that says the services will be stopped on June 6, 2022.

Furthermore, Saxo Bank has requested that its clients in Russia and Belarus terminate their trading positions and remove their funds by June 6, 2022. In the words of the financial services company, the new sanctions against Russia and Belarus are the main reason they have stopped working in those countries as well.

The Danish brokerage said in a letter to its customers that if Russian clients do not cancel their trading positions by the deadline, the bank would do it on its own.

In a letter to clients, Saxo Bank claims that the restrictions placed on Russia have forced it to use its right to cease business with them. If you want to get money out of your account or move your stocks to another broker until June 6, 2022, you can do that, according to a report based on the text of the letter sent by Saxo Bank to its customers.

However, such transactions are subject to extra checks or counterparty limitations, which will increase processing time or prohibit such requests from being fulfilled. In certain circumstances, it may be more convenient to liquidate positions and simply transfer cash rather than securities. Saxo Bank noted in the letter

Russia and Belarus are sanctioned

Several nations throughout the globe have placed financial sanctions on Russia and Belarus as a result of the continuing war between Russia and Ukraine. As a consequence, major financial institutions have ceased offering services to customers in both nations. During the last week of February 2022, Interactive Brokers, a big American financial brokerage service company, told people in Russia that their accounts might be closed.