01:57 GMT26 January 2020
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    Bank of Moscow Unaffected by US Sanctions

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    The new sanctions imposed by the United States on Russia’s Bank of Moscow will not affect the bank as its operations are tied to the internal market, a statement by the bank said.

    MOSCOW, July 30 (RIA Novosti) - The new sanctions imposed by the United States on Russia’s Bank of Moscow will not affect the bank as its operations are tied to the internal market, a statement by the bank said.

    “External borrowings funding is not significant and doesn’t exceed 2 percent of the bank’s total balance. Foreign currency borrowing was last made by the previous management in 2010. The bank did not plan and is not planning to borrow on foreign markets,” the Bank of Moscow said.

    The bank also noted that its clients would not be affected by the sanctions as all the bank’s accounts are in Russia and have not been restricted.

    “The bank’s credit cards can be used across Russia as well as abroad,” the bank added.

    On Tuesday, the United States introduced sanctions on three more Russian banks and the United Shipbuilding Corporation over the crisis in eastern Ukraine. The banks targeted by the sanctions include Russia’s second-largest banking group VTB, the Bank of Moscow and the Russian Agricultural Bank, or Rosselkhozbank, which is more than 50-percent state-owned.

    The measure prohibits US citizens or companies from dealing with debt carrying maturities longer than 90 days, or with new equity. Other transactions are allowed.

    Tags:
    sanctions, VTB, Bank of Moscow, Rosselkhozbank
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