US banks stop dollar transfers for Russia’s Gazprombank

25 January, 03:41 PM
Gazprombank will no longer be able to make transfers in dollars (Photo:Press service of Gazprombank)

Gazprombank will no longer be able to make transfers in dollars (Photo:Press service of Gazprombank)

Russia's Gazprombank will stop making transfers in U.S. dollars due to the decision of its U.S. correspondent banks, the bank reported on Jan. 25, according to the Interfax news agency.

"Due to the unilateral decisions of U.S. financial institutions, Gazprombank's correspondent accounts in U.S. dollars with JPMorgan Chase Bank and Bank of New York Mellon will be terminated," the Russian bank said in a statement.

Gazprombank asks its customers not to use its services for cross-border transfers in U.S. dollars starting from Jan. 27.

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"This will not affect Gazprombank's operations – servicing of our clients' accounts and deposits in dollars, as well as cross-border transfers in other currencies, will continue," the bank stated.

Earlier, many Russian banks were forced to suspend all or part of their foreign currency transfers (mainly in dollars and euros) due to the actions of foreign correspondent banks.

Ukraine has repeatedly called for expanding sanctions against the Russian banking system, including disconnecting Gazprombank from the SWIFT system.

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