Russian banks play down impact of latest Western sanctions

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This content was produced in Russia, where the law
restricts
Reporting on Russian military operations in Ukraine

MOSCOW, Feb 27 (Reuters) – Russian banks and politicians
downplayed recent foreign sanctions against Russia
Lenders promise quick fixes to all problems
foreign exchange transactions by customers.

The United States and Britain added several last week
Russian banks on their sanctions list, while the European Union
cutting off more banks from the global SWIFT payment system, among other things
them online lender Tinkoff and private Alfa Bank, both further
Russia’s list of systemically important credit institutions.

Those sanctioned last week have largely responded
relaxed manner, with some saying disruption will be limited and
others restrict or suspend foreign exchange transactions
Euro trading on broker accounts.

Tinkoff, owned by TCS Group Holding, said it did
Suspension of euro trading, but the measures would have no effect
its more than 26 million customers.

“We… have developed an infrastructure solution that will
enable clients to seamlessly transfer assets to a new,
non-sanctioned company within one to three weeks”, his mediation
said poor Tinkoff Investments.

Russia’s big banks have recovered after a first hit
Western sanctions last year and are now jostling for business
the state, particularly a burgeoning defense budget, and large
corporate accounts.

Analysts at Finam broker said that “has a lot of work to do
were implemented last year to reduce operational risk and
Create reserves”. Sanctions have primarily harmed the Russians who wanted it
travel abroad or hold foreign currency.

Dmitry Polevoy, head of investments at Locko-Invest,
said restrictions on payments in foreign currency have been withdrawn
largest second-tier banks a competitive advantage over the
major state banks and added:

“In the future, this could be the question of voluntary and
Forced consolidation of the sector.”

At a financial forum, Anatoly Aksakov, head of a
Parliamentary Finance Committee said the Russian banking sector
cannot be completely separated from SWIFT.

“They will leave themselves a loophole because Russia is
too serious a participant in international financial relations”,
TASS quoted Aksakov as saying.

Alexander Shokhin, Russia’s top economic lobby chief, was
more cautious, saying that the situation could change quickly, and
that Russian banks had to act pre-emptively.

(Reporting by Elena Fabrichnaya and Alexander Marrow;
additional reporting by Vladimir Soldierkin; Editing by Kevin
Liffy)