Gazprombank will stop cross-border transfers in dollars

Starting January 27, Gazprombank will stop cross-border transfers in dollars. This is due to the unilateral decision of two American banks JPMorgan Chase Bank and Bank of New York Mellon to stop servicing correspondent accounts of the Russian company, the press service of Gazprombank told Kommersant. It is noted that servicing dollar accounts and deposits at Gazprombank will continue.

“This will not affect the work of Gazprombank in any way, the servicing of accounts and deposits of our clients in dollars will continue in full. All obligations to customers are fulfilled in all currencies as before, individuals and legal entities have continuous access to their funds and services,” the press service emphasized.

The decision of American banks to stop servicing the accounts of a Russian credit institution is not associated with new sanctions, disconnection from SWIFT, the dollar system, or freezing of accounts, he told the publication. Frank Media source in Gazprombank. “It only happened that two American banks, on their own initiative, have been closing our correspondent accounts since January 27, and that’s all,” the source said.

In July, Frank Media, citing three top managers of Russian banks reportedthat banks Citi and JPMorgan from the end of the month began to close correspondent accounts of Russian credit institutions. After the start of a military special operation in Ukraine, the United States introduced sanctions against a number of Russian banks. Among them are VTB, Sberbank, Alfa-Bank, Otkritie, Gazprombank, Russian Agricultural Bank, Novikom, Sovcom and MKB.

Erdni Kagaltynov

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