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April 11, 2022

Swedbank halts payments to and from Russia, Belarus

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Nordic-Baltic banking group Swedbank decided to halt payments to and from Russia and Belarus as new sanctions pour in, Interfax reported.

Payments to Russia and Belarus will be allowed until 20 April 2022, while payments from these countries will be processed until 6 May 2022.

Recently, the US and its NATO allies announced a new wave of sanctions targeting Russian entities.

“In compliance with all the requirements of the sanctions imposed by the European Union and the United States Treasury Department’s Office of Foreign Assets Control (OFAC), Swedbank Group has decided to cease all financial transactions regarding payments to Russia and Belarus or originating from these countries,” the banking group was quoted by the news agency as saying.

Swedbank noted that some exceptions to these restrictions would be made, which include processing payments that are directed to specific social groups such as clients who receive pensions or benefit payments from Russia and Belarus.  

Swedbank’s home markets include Sweden, Estonia, Latvia and Lithuania, where it offers loans, mortgages, savings, investment and payments services.

It also has branches in the US, China, Finland, Norway, Denmark, and South Africa.

Earlier this month, the National Bank of Ukraine urged the banking regulators of several countries to ban transactions in Russian and Belarusian rubles.

The NBU had also called on for a ban on opening new ruble-denominated accounts and exchange of rubles for other currencies.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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