Swiss bank terminated relations with FIDE because of US sanctions against Ilyumzhinov

Kirsan Ilyumzhinov

MOSCOW, May 1 – RIA Novosti. One of the Swiss banks on the weekend stopped cooperation with the International Chess Federation (FIDE) due to the fact that the head of the sports organization Kirsan Ilyumzhinov is included in the US sanctions list, the newspaper Financial Times with reference to the letter of the executive director of FIDE.

According to the publication, the Swiss bank on February 20 sent a letter to FIDE about the intention to close the organization’s account on April 30. The sports organization asked to extend this deadline until October, when new presidential elections for FIDE are due, but the bank refused.

FIDE Executive Director Nigel Freeman said in a letter to Ilyumzhinov, who was at the disposal of the newspaper, that in the past two weeks the organization was negotiating with four other Swiss banks, but none of them wanted to cooperate with FIDE while it was headed by Ilyumzhinov. According to him, 18 banks in Geneva and Lausanne refused even to meet with representatives of FIDE, and negotiations with the Romanian and Georgian banks ended in vain.

Last week, as the publication notes, FIDE treasurer Adrian Siegel appealed to the heads of national chess federations and asked them not to send money to the organization while options are being considered to replace the bank.

Earlier, the FIDE presidential council appealed to Ilyumzhinov with a proposal to immediately resign. For the resolution on the resignation of Ilyumzhinov, 14 members of the council voted in favor of one vote against. The reason for the adoption of the resolution was the serious difficulties associated with FIDE’s financial obligations, which were caused, among other things, by Ilyumzhinov being on the US Ministry of Finance’s sanction list, as well as the negative public outcry that harmed FIDE’s reputation. The election of the FIDE president will be held at the organization’s congress in Batumi on October 3.


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