How U.S. Sanctions Against Russian Over Syria Hurt World of Chess

The World Chess Federation said UBS Group AG will close its bank accounts with immediate effect, more than two years after long-time president Kirsan Ilyumzhinov was put on a sanctions list by the U.S.

"The white money strategy in Switzerland does not allow doing business with institutions or persons on the sanctions list of the U.S. Department of the Treasury," Adrian Siegel, the federation’s treasurer, said in a letter posted on its website on Tuesday. "Thus, it was only a question of time until we face this serious problem."