HSBC orders staff to drop Russian banks VTB, VEB
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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.
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