Chess is one more time hitting mainstream media with an unpopular topic. BBC, The Telegraph, and a number of other sources quote FIDE Treasurer Dr. Adrian M. Siegel on the information that “UBS has announced that they will immediately close our [FIDE] accounts”. This is a result of Kirsan Ilyumzhinov’s two year presence on the US sanctions list.
On November 25th, 2015, the US Department of the Treasury put Kirsan Ilyumzhinov on the sanctions list due to “Networks providing support to the Government of Syria, including facilitating the Syrian Government oil purchase from ISIL (the Islamic State). That caused real difficulties for the financial operations of the organization that Kirsan Ilyumzhinov is heading. That lead to a decision in December 2015, where Kirsan Ilyumzhinov withdrew from “any legal, financial, and business operations at FIDE”, leaving the full power to the deputy Georgios Makropoulos.
The banking problems of FIDE were blasted wide open by Makropoulos at the 88th Congress (see all details in the minutes here) UBS has patiently waited Ilyumzhinov to try to persuade the US government to remove him from the list. As this has not happened for two years, now UBS will proceed with closing FIDE accounts.
“It was only a question of time until we face this serious problem,” FIDE Treasurer Dr. Adrian M said, adding that the anticipated “some problems” while they looked for a “new bank connection”.
In The Telegraph, Leon Watson notes that the problems with the closing of the bank account come “just weeks before the Candidates, its flagship world championship play-off tournament in Berlin which has a prize fund of $460,000.” Watson explains, “The decision by UBS, the world’s largest wealth manager, comes amid a wider attempt in Switzerland to clean up the reputation of its banking sector, which has long been accused of turning a blind eye to criminal activity.”
In a comment to The Telegraph, spokesperson for UBS said, “We can’t comment on whether individuals or organizations are clients of UBS. We follow all laws and regulations that are applicable to us.”
More on the topic
November 2015, Ilyumzhinov placed on the US Department of Treasury sanctions list
December 2015, Kirsan Ilyumzhinov’s power at FIDE limited
April 2017, The saga of the possible Ilyumzhinov resignation
October 2017, The banking problems of FIDE surface
February 2018, Ilyumzhinov loses elections at the Russian Chess Federation
