The American sanction list has been supplemented with two Russian credit organizations, "Ak Bars" and Sinko-Bank - different in scale and profile, but similar in terms of currency business transactions.
The bank "Ak Bars", which is in the top 25 in Russia in terms of assets, and the Sinko-Bank, which is in the third hundred, have been included in the US blocking sanctions list, announced the US Department of Foreign Assets Control (OFAC).
Both Russian banks (according to information before information on shareholders was closed, Ak Bars was under the control of Tatarstan, Sinqo Bank belonged to a citizen of Israel) actively conducted business in the field of currency payments. In particular, Ak Bars had direct correspondent relations with banks in China, the UAE, and Turkey, and transfers in the currencies of CIS countries were available to it.
There are still banks in the Russian Federation that, partly due to their special status, maintain their freedom of action. For example, Sberbank is still not included in the SDN list (but the bank is under EU sanctions and disconnected from SWIFT) and Gazprombank.
The head of international legal practice at UPPERCASE LEGAL, Ratmir Proskurnov, sees the risks of potential sanctions not only for Russian banks in the future, but also for individuals involved in managing assets, who play a key role in the financial services sector in Russia.
Both Russian banks (according to information before information on shareholders was closed, Ak Bars was under the control of Tatarstan, Sinqo Bank belonged to a citizen of Israel) actively conducted business in the field of currency payments. In particular, Ak Bars had direct correspondent relations with banks in China, the UAE, and Turkey, and transfers in the currencies of CIS countries were available to it.
There are still banks in the Russian Federation that, partly due to their special status, maintain their freedom of action. For example, Sberbank is still not included in the SDN list (but the bank is under EU sanctions and disconnected from SWIFT) and Gazprombank.
The head of international legal practice at UPPERCASE LEGAL, Ratmir Proskurnov, sees the risks of potential sanctions not only for Russian banks in the future, but also for individuals involved in managing assets, who play a key role in the financial services sector in Russia.
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