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Three Russian banks shrug off impact of US sanctions after Ukraine invasion

Three Russian banks shrug off impact of US sanctions after Ukraine invasion
Three banks shrugged off the impact of US sanctions on Russia following the country's invasion of Ukraine, as Russia's central bank said it would provide support needed for banks affected.
2 min read
24 February, 2022
The USÌýTreasuryÌýsaid USÌýbanks must sever their correspondent banking ties with Russian bankÌýSberbank [Getty]

Three banks including the country's biggest, , on Friday played down the impact of sanctions imposed on them by the United States after Russia's invasion of and said they were continuing to work normally.

The USÌýTreasury on Thursday said USÌýbanks must sever their correspondent banking ties with Sberbank within 30 days, and Britain said it would impose asset freezes against all major Russian banks.

Russia's central bank said it would provide any support needed for sanctions-hit banks and was ready to use additional tools to maintain their stability and protect clients.

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Sberbank said it was studying the implications of the sanctions but there were no restrictions on withdrawing or depositing roubles and foreign currencies.

Gazprombank issued a similar statement saying it was serving retail and corporate clients as normal and they would have continuous access to funds and services.

It said a it from raising debt of more than 14 days maturity on the USÌýcapital market was "non-blocking" and did not affect current operations.

Alfa-Bank, the country's biggest private bank, said it was blocked from issuing new eurobonds or placing share issues, but the share restriction had no practical effect because it is not a public company.

(Reuters)

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