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Russia No Country for International Banks, says UBS Chairman: Sanctions Update

During an interview with Bloomberg TV Tuesday, UBS Group AG outgoing Chairman Axel Weber said that he sees no future for many international banks in Russia.

“I personally, and this is for my successors to decide, do not see any future of business onshore in Russia for many of the international banks,” said Weber. “Even if we come to a cease-fire, Russia has put itself outside the international community and this will have a pretty long-dated consequence.”

UBS has said it has halted all new business in Russia.

On Monday, Credit Suisse announced it has stopped pursuing new business in Russia and is helping its clients unwind their Russia exposure.

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