Saxo Bank to Terminate Services in Russia and Belarus

Saxo Bank is allegedly to have told its Russian and Belarusian clients that their services will be terminated. According to a research, service closures will begin on June 6, 2022.

Customers in Russia and Belarus have also been advised to terminate their trading positions and withdraw funds by June 6, 2022. The latest sanctions on Russia and Belarus, according to the financial services provider, are the key reasons for the shutdown of services in both nations.

The brokerage stated in a letter to its customers that if Russian clients do not cancel their trading positions by the deadline, the bank will do it on its own.

Earlier, Interactive Brokers cautioned Russian residents of the risk of their accounts being blocked during the last week of February 2022.