Stock Groups

HSBC orders staff to drop Russian banks VTB, VEB

[ad_1]

© Reuters. FILE PHOTO – The HSBC logo can be seen at Canary Wharf, London’s financial district, on March 3, 2016. REUTERS/Reinhard Krause//File Photo

Carolyn Cohn and Saeed Azar

LONDON (Reuters – British bank HSBC begins to end relations with a variety of Russian banks. VTB is the second-largest.

Following Russia’s invasion in Ukraine, Canada, Britain, Europe, and the United States announced sanctions that would block Russia from accessing certain international payments systems.

This advisory notice is from HSBC (one of the largest banks in the world) and explains how staff should use the global sanctions against Russia.

The document, titled “action necessary” and dated February 27th, highlights that the UK Office of Financial Sanctions has authorized “the winding up of certain transactions involving VTB Bank or certain UK subsidiaries”.

HSBC did not respond to our request for comment.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]