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Saxo Bank terminates Russian, Belarussian clients following sanctions

Saxo Bank terminates Russian, Belarussian clients following sanctions

A bull statue is pictured in an office at Danish Saxo bank in Copenhagen, January 22, 2015. REUTERS/Fabian Bimmer

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COPENHAGEN, April 9 (Infoday US) – Danish investment bank Saxo Bank said on Saturday it had terminated clients from Russia and Belarus in response to sanctions imposed on those countries following Russia’s invasion of Ukraine.

“It is a small number of clients, and a decision made on the basis of the tougher sanctions imposed on the two countries as a result of Russia’s terrible invasion of Ukraine,” a spokesperson for the bank said in a statement to Infoday US.

As of Friday, customers from Russia or Belarus were no longer able to open new positions or increase the size of current ones. The terminations would take full effect on June 8, the bank said.

Until then, those clients will still be able to withdraw cash and securities, but the transactions would be subject to increased scrutiny, it added.

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Reporting by Nikolaj Skydsgaard; Editing by Jan Harvey

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