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Russian banking group Gazprombank is going to discontinue its operations in Switzerland following a strategic review, TASS reported, citing the bank’s press service.

Following Moscow’s military incursion on Ukraine, other major Russian banks were sanctioned by the US and its allies.

Gazprombank (Switzerland), the Swiss arm of the Russian bank, had been one of the last banks financing trades between Russia and Switzerland.

“The Board of Directors of Gazprombank (Switzerland) has decided to discontinue banking operations on the Swiss financial market following a strategic review of various options regarding the future business activities of the bank,” the Swiss arm of Gazprombank was quoted by the news agency as saying.

In the coming months, existing business relationships, primarily in the areas of trade and export finance, will be closed or transferred to external banking partners.

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By GlobalData

Gazprombank (Switzerland) board of directors chairman Ivan Dun said: “The decision is the result of an in-depth strategic analysis and is being taken in close consultation with the Swiss Financial Market Supervisory Authority FINMA.”

According to Reuters, the Swiss business employs around 80 people and is engaged in financing Swiss industrial groups’ exports to Eastern Europe.

Recently, FINMA announced that Gazprombank’s larger peer Sberbank sold its Swiss subsidiary to m3 Groupe Holding.

The regulator temporarily lifted restrictions at Sberbank (Switzerland) to enable the transaction to be executed.

Sberbank (Switzerland) is now operating under the new name TradeXBank.