US Treasury moves to cut MBaer Merchant Bank off from dollar system over ties to Russia and Iran
The US Treasury Department is seeking to block Swiss bank MBaer Merchant Bank AG from accessing the dollar and the American financial system due to its support for “illegal entities linked to Russia and Iran.”
According to Treasury Secretary Scott Bessent, the bank processed over $100 million through the US financial system for such clients. US Financial Crimes Enforcement Network (FinCEN) data indicates MBaer and its staff were involved in money laundering, corruption, and transactions benefiting Iran’s military, which the US classifies as terrorism financing. Founded in 2019 by Michael Baer, the great-grandson of Julius Baer’s founder, the bank appointed Annette Fiver as CEO in January 2025. She brings 30 years of banking experience, including time at Deutsche Bank in Russia and Sberbank Switzerland.
This US Treasury action may significantly limit MBaer’s international operations and impact the Swiss bank’s global reputation.
