17:25 GMT26 January 2020
Listen Live
    World
    Get short URL
    0 12
    Subscribe

    Russian banks, targeted by US and EU sanctions, will be supported by the Russian Central Bank if necessary, the Central Bank’s press service said in a statement Wednesday.

    MOSCOW, July 30 (RIA Novosti) - Russian banks, targeted by US and EU sanctions, will be supported by the Russian Central Bank if necessary, the Central Bank’s press service said in a statement Wednesday.

    “In light of the US and EU sanctions targeting some Russian banks, the Central Bank of Russia states that the financial institutions operate normally, providing all the necessary services to clients, including money transfers and bank cards transactions,” the press release said.

    “Appropriate measures will be taken, if need be, to provide support to the enlisted organizations in order to protect the interests of their clients, depositors and creditors.”

    The Central Bank, however, did not specify what those measures might be.

    On Tuesday, the United States imposed sanctions against Bank of Moscow, VTB and the Russian Agricultural Bank.

    It is prohibited, among other things, for US citizens and companies to make transactions in or provide financing for the aforementioned organizations.

    The European Union restricts Russian financial organizations’ access to the European capital market. EU investors are not allowed to purchase new issues of shares and bonds of the Russian state banks around the world on primary and secondary markets.

    The EU's economic sanctions against Russia are expected to be published on July 31 and come into effect the next day.

    Tags:
    European Union, economy, sanctions, The Central Bank of Russia, Russian Agricultural Bank (RusAg), VTB, Bank of Moscow
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik