OTP Bank began to reject part of euro payments to the EU

The presence of the problem was confirmed by the supplier of printing materials, the Dubl V group of companies, and the managing partner of the Nordic Star law firm, Andrey Gusev.

The transfers are rejected by the central bank in Hungary, which is the correspondent of the Russian subsidiary for settlements in euros. This may be due to a sharp increase in the flow of legal entities to OTP Bank after Raiffeisenbank suspended currency transfers for most clients from September 2. A representative of the Hungarian Prosecutor’s Office explained that the lack of resources could cause a temporary delay in the processing of Russian currency transactions. The bank is actively working to resolve the issues and does not charge fees for declined transfers, he added.

According to the importers, the Hungarian Prosecutor’s Office does not process all transactions within the internal period of 10 days and returns the funds after this period. After the return, the managers of the Russian OTP bank recommend clients to repeat the transfer, which often leads to the successful completion of the transaction, noted Natalia Kuznetsova, financial director of the Double V group of companies.

Furthermore, successful payments do not reach counterparties immediately. Funds from the Russian “OTP Bank” reach the central bank on average in 1-2 business days based on direct contracts and regular deliveries. However, transfers under new contracts and new counterparties require verification, which takes 2 to 7 business days. As Kuznetsova reported, Double V Group counterparties usually receive funds within one business day.

• Raiffeisenbank stopped making transfers to individuals in foreign currency as of September 2. The bank took this measure as part of the implementation of the ECB’s order to reduce business in Russia.
• In June, the European Central Bank ordered Austria’s Raiffeisen Bank International (RBI) to reduce its loan portfolio in Russia by 65% ​​until 2026. Raiffeisenbank then stopped charging interest on savings accounts and suspended the opening of savings accounts. brokerage for retail investors.