Rothschild’s Wealth Unit Will Not Accept New Russian Clients

Rothschild & Co.’s wealth management unit will no longer take new customers holding Russian citizenship, people familiar with the situation said.

The Paris-based bank, which has about 70 Russian clients, took the measure amid fears the lists of individuals under European Union and U.S. sanctions may widen over time, the people said, asking for anonymity because the matter is private.

Rothschild, which had a team of about 10 people in Moscow, has suspended its advisory activities in the country and relocated some of its local staff elsewhere, the people said.

A spokeswoman for Rothschild declined to comment.

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