(Bloomberg) -- Julius Baer Group, Switzerland’s third-largest wealth manager, said its affluent Russian clients were less active in the first half of the year amid political tensions in the region.

“The entire eastern European business and in particular, Russia business, is a bit on hold,” Chief Executive Officer Boris Collardi told Bloomberg Television’s Manus Cranny in an interview today. “Russians are waiting to understand in what direction one or other sanctions could be going.”

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