Saxo Bank to terminate its service in Russia and Belarus due to the invasion of Ukraine, affecting from June 6, 2022.
Danish broker Saxo Bank has announced to its Russian and Belarusian clients the closure of its services which will take effect from June 6, 2022. The company asks its customers in Russia and Belarus to close their trading positions and withdraw money before the allotted time. The financial service provider mentioned that the recent sanctions against Russia and Belarus are the main reason behind the shutdown.
The Danish broker said that if Russian clients fail to close their trading positions by the deadline, the accounts will be forced to close. Therefore, before June 6, clients are expected to immediately withdraw funds, close positions, or transfer securities to any broker.
"But such transfers are subject to additional checks or counterparty restrictions, which will increase processing time or prevent the fulfillment of such requests. In some cases, it may be easier to close positions and simply transfer cash instead of securities," Saxo Bank explained in the letter.
As the Russia-Ukraine conflict escalated, several countries in the world imposed financial restrictions on Russia and Belarus. As a result, many leading brokers have stopped providing their services to clients in both countries. Not only Saxo Bank, but Interactive Brokers, JustForex, Alpari, and FXOpen also blocking accounts from Russia.