Geneva-based Banque Cramer withdraws from Russia
Published: Tuesday, Jan 16th 2024, 15:50
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Banque Cramer has decided to close its Moscow branch, which opened around five years ago. According to a document from the Russian Central Bank, the subsidiary of the Geneva-based private bank informed the authorities last week that it would not renew its business license, which expired on February 4.
At the request of the news agency AWP, the financial institution confirmed a corresponding report on Tuesday that was spread by several Russian media at the weekend. Since the introduction of sanctions against Russia, the bank has only been able to serve Russian domestic customers with considerable restrictions, said Philippe Gougenheim, member of the Executive Board, in response to an inquiry.
He assures that his bank "strictly applies the applicable sanctions". However, he believes that a renewal of the business license is not appropriate in this context.
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