#AceFinanceNews – Moscow – March 21. – The sanctions against the Rossiya bank, which the United States announced on Thursday, will pose certain obstacles to clients’ dollar transactions, the chief of the international auditing and consulting company BDO, Natalya Boiko, told Itar-Tass on Thursday.
US imposes sanctions on 20 Russian officials
She explained that in case of any trade transactions with foreign companies mutual settlements are performed through foreign banks’ correspondent accounts. If the trading partner is outside the country, currency transactions will be blocked.
“It is quite obvious that payments and international transactions will be frozen. The businesses of the bank’s clients and of their foreign partners who will fail to get the expected cash on time will be harmed,” Boiko said.
There may develop problems with the European partners of Rossiya’s clients, because they perform their transactions through US correspondent accounts, too.
The bank’s opportunities to service international transactions will be rather limited.
The dollar deposits of corporate clients may be harmed, too.
There may develop problems with timely payments, while foreign currency deposits of individuals will remain largely unaffected.
The Russian banking system will hardly feel anything.
Russian News Sources
#AceFinanceNews – Moscow – March 20. – Russian President Vladimir Putin, – A White House official said the latest wave of US sanctions targeted 20 Russian individuals with interests in the Crimea.
The Russian bank being targeted – for supporting government officials – is Bank Rossiya, the US Treasury said.
Background : Bank Rossiya – Rossiya is a universal financial credit institution offering a full range of banking services to corporate and private clients. As one of the first Russian private banks in 1990 of Rossiya multiplies its assets and liabilities are made on time to customers.
Since the foundation of the activities of Rossiya aimed at supporting enterprises major industries.
The development strategy of the Bank, on the one hand, combines intelligent and time-proven conservative, and on the other is the flexibility in fiscal policy, timely and large-scale development of new products and technologies.
The Bank is always committed to the principles of maximum efficiency of the business, carrying out strategic investments in various sectors of the economy. To date, the banking group is the most dynamically developing SOGAZ Insurance Group, a group of leasing companies Zest, National Media Group, which includes REN-TV, TRC 5th channel and of Channel, a number of service companies.
Among the 20 individuals facing sanctions are members of Russian President Vladimir Putin’s inner circle. March 20 – 17.57 GMT – http://wp.me/p165ui-4r0
They include his chief of staff Sergei Ivanov and wealthy businessmen Arkady Rotenberg and Gennady Timchenko.
Those targeted will be unable to make transactions in dollars, will have any assets in the US frozen and will be barred from doing business in the US.