Viktor Dostov: each bank weighs for itself the profit it receives on payments from Russia and the potential consequences of sanctions

26.02.2024       

After the New Year holidays, the first reports began to appear indicating alarm in the banking environment of friendly countries. Bloomberg wrote that at least two Chinese banks have stepped up due diligence on clients for ties to the Russian Federation. Restrictions on settlements with Russian clients have appeared on the part of banks in Turkey and the UAE. Reuters, citing its own sources, reported that even payments for oil supplied by Russia were disrupted.
There is no formal ban on transactions between Russian banks and financial institutions in China, Turkey or the Emirates; international sanctions do not limit the possibility of making payments . But the situation is complicated by the concept of “secondary sanctions,” explains Octagon. Chairman of the Association of Electronic Money and Money Transfer Market Participants, Chief Researcher of St. Petersburg State University (SPbSU) Viktor Dostov.
– If you serve a bank that is not sanctioned, but this bank has sanctioned clients, then you are at risk of secondary sanctions, which means you will be punished in some way. These are definitely large fines, but there may be more severe consequences. Therefore, each bank weighs for itself the profit it receives on payments from Russia and the potential consequences of sanctions, – he notes.
Until recently, although quite cautiously, these banks worked with Russia. Now, the interlocutor suggests, additional introductory information has been received that control will be stricter, and punishment – more severe. further Octagon

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