Europe's biggest bank HSBC will restrict commercial payments to and from Russia and Belarus as the West's sanctions net widens amid Moscow's continued war in Ukraine.
“The ongoing conflict in Ukraine has resulted in an unprecedented volume of sanctions and trade restrictions imposed against Russia and Belarus," an HSBC representative said.
"While HSBC has taken multiple steps to comply with applicable regulatory obligations, it has become increasingly challenging to operationalise these complex restrictions globally.
"We have therefore reached the decision to restrict commercial payments by our corporate entity customers to or from Russia and Belarus through HSBC.”
Russia has faced various rounds of western sanctions after its assault on Ukraine, which began in February last year.
The EU, the US and other western partners cut off a number of Russian banks from the Swift global interbank payments system shortly after the invasion of Ukraine.
This restricted the country’s access to financial markets across the world. Swift handles more than five billion financial messages a year, supporting fast and secure cross-border payments, and allowing international trade to flow smoothly.
In July, the US also placed more than 120 companies from Russia on its sanctions blacklist over alleged contributions to the war.
Russian banks, private military groups and energy, shipping and defence businesses were among those listed on new State Department and Treasury Department lists.
The measures are designed to restrict Moscow's access to products that support its military efforts, as well as undermine its energy capabilities, diminish its access to the international financial system and “starve Russia of G7-produced technology”, the Treasury said at the time.
A number of companies closed their operations in Russia last year after sanctions imposed by western countries on Moscow.
In August last year, Citigroup announced plans to wind down its consumer and local commercial banking business in Russia and said it expected to incur about $170 million in costs over the next 18 months.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Roger Federer's record at Wimbledon
Roger Federer's record at Wimbledon
1999 - 1st round
2000 - 1st round
2001 - Quarter-finalist
2002 - 1st round
2003 - Winner
2004 - Winner
2005 - Winner
2006 - Winner
2007 - Winner
2008 - Finalist
2009 - Winner
2010 - Quarter-finalist
2011 - Quarter-finalist
2012 - Winner
2013 - 2nd round
2014 - Finalist
2015 - Finalist
2016 - Semi-finalist
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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SPECS
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
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Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
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Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
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UAE currency: the story behind the money in your pockets
