UBS Severs Ties With Some Wealthy Venezuelans Amid Sanctions

UBS Group AG is severing ties with some Venezuelan clients it serves from the U.S. as the Trump administration tightens sanctions on a country that’s mired in a power struggle.

The decision affects a number of accounts with links to Venezuela’s government or to Petroleos de Venezuela SA, the state-owned oil company, according to people familiar with the decision. It comes after the bank conducted an in-depth review and decided some relationships didn’t warrant the compliance risks, the people said, asking not to be identified in disclosing internal information.

At least 17 U.S.-based advisers with Venezuelan customers have left ...