Swissquote has warnedaround 600 customers about possible account closures, most of them users of itsdigital banking subsidiary Yuh.The notices were sentto Russian citizens living in Switzerland, including some with permanentresidence. Swiss financial blog Inside Paradeplatz and Russian publicationFrank Media reported the move.The move comes as financial firms acrossEurope face additional compliance requirements linked to Russia and Belarus.Finance Magnates reported that new EUsanctions controls could lead to thousands of governance and counterpartyreviews across authorised crypto firms.Swissquote Cites Costs Behind AccountClosuresThe accounts have notbeen closed. Swissquote CEO Mark Burky told Frank Media that the bank hadcontacted the affected customers and was reviewing possible solutions.Burky said thedecision was indirectly linked to Russian citizenship but was driven byeconomic considerations. Serving Russian customers requires additional checkson the origin of assets, sanctions screening and monitoring of bankingactivity."The reasons areexclusively economic in nature," Burky said.He added that therevenue generated by Yuh customers was too low to cover those costs."The revenue fromcustomer service in the Yuh application is very small, so the monitoring costsare too high to continue such a relationship," he said.Swissquote schliesst 600 Konten von in der Schweiz lebenden Russen https://t.co/NLzRjG5fD4— cash (@cashch) August 17, 2026Swiss Citizenship Cases Under AccountReviewSome notices were alsosent to Russian nationals who hold Swiss citizenship. Burky said these casescould be the result of incomplete customer information, as Swissquote does notalways have details of a customer's second citizenship. The bank is reviewingsuch cases.Swissquote does notcurrently plan to extend the action beyond the roughly 600 customerrelationships already identified, according to Burky.Inside Paradeplatz,however, reported that the number of affected accounts across Swissquote andYuh could be higher than the figure disclosed by the CEO.The discrepancy hasnot been resolved publicly. For now, the reported notices concern potentialclosures rather than completed account terminations.This article was written by Tareq Sikder at www.financemagnates.com.