The decision to stop personal banking payments was made after HSBC withdrew from business banking in Russia.
The largest British bank HSBC has stopped processing all payments from Russia and Belarus for personal banking clients. Reuters reported this yesterday.
According to the agency, in a November 22 message to HSBC customers, it said the bank had “decided to stop processing payments” from the two countries and would implement alternative arrangements for any such transactions.
It is understood that the decision to stop personal banking payments was made after HSBC exited business banking in Russia. The financial institution completed the sale of its division in May – two years after announcing its June 2022 exit.
“Among European banks, HSBC has been particularly sensitive to US oversight, having paid more than $2 billion in US fines and civil penalties for violating money laundering controls at its Mexican unit,” said paper.
Let’s remember that on November 21, the United States announced the largest sanctions against Russian banks since the spring of 2022, when Sberbank and VTB were cut off from the global financial system. The restrictions affected 50 Russian banks, including Gazprombank, which was the only “hub” for EU payments for gas and retained access to SWIFT.
And on November 22, the Russian ruble fell to its lowest level since March 2022 after new US sanctions against Russian banks.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.