The Bank of Russia has issued an order to subsidiaries of European banks, prohibiting them from refusing clients to make currency transfers, the head of the regulator, Elvira Nabiullina, announced this at a press conference following a meeting of the Central Bank’s Board of Directors.
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In addition, according to Nabiullina, the order prohibits creating technical obstacles to making transfers in foreign currency, as well as transferring data, including personal information, about clients to parent companies for the purpose of creating lists.
The application of foreign sanctions contradicts Russian laws, under which the banks’ “subsidiaries” were created, and discriminates against their clients, the head of the Central Bank stressed.
The head of the Central Bank noted that the regulator “sees the pressure” that the European Central Bank is putting on banks with subsidiaries in Russia to force them to reduce business in the country. This is why the order was issued, Nabiullina added.
One of the organizations that stopped currency transfers for individuals and legal entities was the Russian Raiffeisenbank. The restrictions were introduced on September 2; the reason was a request from the European Central Bank to Raiffeisenbank’s Austrian parent company to accelerate the reduction of business in Russia, which the organization received in the spring of 2024.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
