Russian bank Tinkoff refused to pay debts after EU sanctions

The bank is currently forced to suspend trading in the euro and its app has been removed from the App Store.

Russian online bank Tinkoff has canceled interest payments this month on dollar-denominated Eurobonds. Days after he was subjected to Western sanctions. This was reported by Reuters.

Tinkoff was included in the EU’s tenth sanctions package against Russia last week for Russia’s aggression in Ukraine. The bank was forced to suspend trading in euros and its app was removed from the App Store.

Eurobond issuer TCS Finance DAS said the interest will be automatically canceled on March 15.

Noteholders will be deemed to have “irrevocably waived their right to receive and will no longer have any rights against the issuer or any other party in respect of interest payments for March 2023.”

Tinkoff said the bond’s documentation allows the issuer to cancel coupon payments.

“Under the current conditions, we decided to cancel a payment to carry out additional work to take into account the interests of all investors, including those outside Russia,” the bank said in response to a request from news agency.

Founded as a specialist credit card provider by businessman Oleg Tinkov, Tinkoff Bank has grown rapidly over the past decade and is one of the 13 systemic financial institutions of the Central Bank of Russia.

As reported on February 25, EU authorities approved the 10th package of sanctions against Russia.

In addition, in early March it became known that Brussels will shift its focus to the issue of sanctions, in particular, it will begin to pay more attention to the implementation of existing restrictions. In addition, third countries are in the field of attention.

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