Russian banks estimate impact of sanctions

Three Russian banks, including the sector’s leader Sberbank, commented on the impact of sanctions imposed by Western countries.


Earlier, the US Department of the Treasury demanded that American banks sever correspondent ties with Sberbank within 30 days while the United Kingdom announced the freeze on assets of major Russian banks.

The sanctioned lending institutions issued statements saying that they continue to operate as normal, Reuters reports.

Sberbank representatives said that the bank is reviewing potential consequences of the sanctions but currently, there are no restrictions on cash withdrawals and deposits in rubles and foreign currency.

Gazprombank issued a similar statement saying that it is providing both retail and corporate banking services as usual and its customers will continue to have access to their funds and the bank’s services.  

Russia’s biggest private bank Alfa Bank stated that it was banned from issuing new euro bonds or stocks; however, the restrictions on stocks have not had a practical effect since Alfa Bank is not a publicly traded company. The Central Bank of Russia stated that it will provide all necessary support to the banks under sanctions and is ready to use additional instruments to maintain their stability and protect clients.

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