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World Chess Federation to finalize procedures soon to reopen bank accounts — FIDE chief

Swiss bank UBS closed FIDE accounts in May over US sanctions imposed in regard to former FIDE President Kirsan Ilyumzhinov

MOSCOW, November 2. /TASS, Andrey Kartashov/. The World Chess Federation (FIDE) will soon carry out the necessary procedures to reopen bank accounts of the organization, FIDE President Arkady Dvorkovich told TASS on Friday.

Swiss bank UBS closed FIDE accounts in May over US sanctions imposed in regard to former FIDE President Kirsan Ilyumzhinov. The US sanctions also served as the reason for other major global banks to refuse cooperating with FIDE.

"FIDE is currently employing trust accounts," Dvorkovich said in an interview with TASS. "The work with banks on opening regular accounts will be soon completed."

"This is purely a legal process, which concerns bank procedures and is unrelated to sanctions," Dvorkovich added.

Dvorkovich, 46, was elected president of the World Chess Federation during the FIDE General Assembly in Georgia’s Batumi on October 3. He replaced in the post of FIDE president his fellow citizen Kirsan Ilyumzhinov, who ran the world’s governing chess body since 1995 being reelected six times.

Ilyumzhinov’s 23-year term at the helm of FIDE is the second longest in the history of the organization. Dutchman Alexander Rueb, one of the founders and the first president, was in charge of FIDE for 25 years (1924-1949).