Gazprombank of Russia has decided to terminate operations in Switzerland after "strategic consideration of various options". This decision was made in close cooperation with the Swiss Financial Market Supervisory Authority (FINMA), the bank said.
The bank was one of the last remaining channels for financing trade flows between Russia and Switzerland, as other large Russian banks were sanctioned in connection with Russia's invasion of Ukraine.
The Zurich-based bank, which was mainly involved in trade and export finance, decided to cease operations in Switzerland after it began due diligence on its business in July, including a possible sale.
According to Gazprombank, in the coming months, existing business relationships will be curtailed or transferred to external banking partners.
The bank has been operating in Switzerland since 1966, and under the name Gazprombank (Switzerland) since 2009.
The Swiss subsidiary of Gazprombank provides traditional banking products to corporate clients. In October 2020, she received permission from FINMA to conduct operations with corporate and institutional clients' crypto accounts. From that moment on, it was supposed to be able to provide customers with the services of storing cryptocurrency, as well as converting it into fiat money.