Reuters: HSBC instructs staff to start closing transactions with VTB Bank

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The British bank HSBC is starting to end its relations with a number of Russian banks, including the second largest, VTB, according to a document held by Reuters.

The United States, Britain, Europe and Canada announced new sanctions on Russia on Saturday, including barring some banks from accessing the international SWIFT payment system.

The document from HSBC, one of the largest banks in the world, tells its staff that they must implement the new global sanctions on Russia.

Under the heading “Action Required”, dated 27 February, it highlights the fact that the UK Office of Financial Sanctions had approved “the termination of certain transactions involving VTB Bank and some UK subsidiaries”.

Source: Capital

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