UBS Chairman Sees No Future in Russia as Bank Unwinds Trades
- Sees long-term consequences for Russia even if a cease-fire
- UBS stopped any new business in country after Ukraine invasion
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UBS Group AG outgoing Chairman Axel Weber said that he sees no future for many international banks in Russia even if there’s a cease-fire, after the Swiss bank began winding down its business there.
UBS has halted new business in Russia, where it has about 70 people, although there are exemptions in the sanctions for Russian citizens that live in the European Union and in Switzerland, Weber said in an interview with Bloomberg TV’s Francine Lacqua. He declined to say how much money the bank manages for Russian clients.