Russia’s largest lender, Sberbank, said on Friday that sanctions on its operations meant that its customers would not be able to transfer funds in certain foreign currencies to accounts at other banks, both in Russia and abroad.
Unprecedented Western sanctions hit the heart of Russia’s financial system over events in Ukraine, and Sberbank was among the companies targeted. The bank abandoned almost all of its European markets earlier this month.
“Due to sanctions, as of March 18, the list of currencies available for transfer to other banks in Russia and abroad has been reduced,” Sberbank told its Telegram channel.
“This means that Sberbank will not be able to make transfers to other banks in US dollars, Canadian dollars, sterling pounds, Danish kroner and Swedish kronor.”
Transfers of some currencies, including rubles, euros, Japanese yen and Swiss francs, remain possible at Sberbank branches.
Russia’s second-largest government lender, VTB, said Thursday it would outsource foreign securities services to other Russian financial companies to allow investors to buy and sell assets without restrictions.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
