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Rothschild & Co.’s wealth management unit has decided to stop accepting new Russian clients amid growing sanctions on Russian entities and individuals over Moscow’s military invasion of Ukraine, reported Bloomberg.
The move is part of a precautionary measure by the Paris-headquartered bank as it fears the US and European countries will impose sanctions on more individuals in the future, sources privy of the development told the news agency.
Rothschild & Co had about 10 employees in Moscow to serve its around 70 Russian clients.
The firm ceased its advisory services in the country and moved several of its staff to a different location in the wake of the Ukraine crisis, the sources said.
A spokeswoman for Rothschild refused to comment on the development when approached by the news agency.
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Escalating sanctions on Russia by the US and its allies have forced a number of US and European banks to suspend their activities in the country.
This week, French banking group Credit Agricole and BNP Paribas suspended their Russia operations. Credit Agricole had previously stopped financing projects and movements of commodities linked to Russia.
Goldman Sachs, Deutsche Bank, JPMorgan Chase, Julius Baer and Commerzbank are among the other global lenders who have cut ties with the country in response to Ukraine aggression.
This month, Citigroup said that it is expanding the scope of its exit process in Russia to include more lines of business and will continue to slash its remaining ‘operations and exposure’ in the country.
The US banking major had closed down its consumer business in Russia in April 2021.