HSBC said it has become challenging to operate amid 'complex restrictions' placed on Russia. Reuters
HSBC said it has become challenging to operate amid 'complex restrictions' placed on Russia. Reuters
HSBC said it has become challenging to operate amid 'complex restrictions' placed on Russia. Reuters
HSBC said it has become challenging to operate amid 'complex restrictions' placed on Russia. Reuters

Business

Banking

HSBC to restrict commercial payments to and from Russia and Belarus

Move comes as conflict in Ukraine has resulted in an 'unprecedented volume of sanctions and trade restrictions' on Moscow, the bank says

Aarti Nagraj
Aarti Nagraj

September 08, 2023

  • English
  • Arabic

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.”

First responders work at the site of a block of flats destroyed by a Russian missile strike in Lviv. Reuters
First responders work at the site of a block of flats destroyed by a Russian missile strike in Lviv. Reuters
A Ukrainian woman practices with a rifle during volunteer military training for civilians near Kyiv. AP
A Ukrainian woman practices with a rifle during volunteer military training for civilians near Kyiv. AP
A sport complex damaged by Russian missiles during an attack in Dnipro. EPA
A sport complex damaged by Russian missiles during an attack in Dnipro. EPA
Ukrainian President Volodymyr Zelenskyy is briefed at the front line near Soledar in the eastern Donetsk region. Reuters
Ukrainian President Volodymyr Zelenskyy is briefed at the front line near Soledar in the eastern Donetsk region. Reuters
Ukrainian troops fire a BM-21 Grad multiple rocket launcher near the front line in Donetsk region. Reuters
Ukrainian troops fire a BM-21 Grad multiple rocket launcher near the front line in Donetsk region. Reuters
Locals inspect the damage to a building near the impact area of a rocket strike in Lviv. EPA
Locals inspect the damage to a building near the impact area of a rocket strike in Lviv. EPA
A Ukrainian soldier waves from atop an APC at the front line near Bakhmut in Donetsk region. AP
A Ukrainian soldier waves from atop an APC at the front line near Bakhmut in Donetsk region. AP
A Ukrainian woman holds her daughter in the back of an ambulance operated by Red Cross volunteers in Kupyansk, Kharkiv region. AP
A Ukrainian woman holds her daughter in the back of an ambulance operated by Red Cross volunteers in Kupyansk, Kharkiv region. AP
First responders work at the site of a shopping centre destroyed by a Russian attack in Odesa. Reuters
First responders work at the site of a shopping centre destroyed by a Russian attack in Odesa. Reuters
A Ukrainian soldier watches a Grad multiple rocket launcher firing near Bakhmut in Donetsk region. AP
A Ukrainian soldier watches a Grad multiple rocket launcher firing near Bakhmut in Donetsk region. AP
A Ukrainian woman walks through the destroyed home of her son, who was killed the day before by shelling in Donetsk. Reuters
A Ukrainian woman walks through the destroyed home of her son, who was killed the day before by shelling in Donetsk. Reuters
Firefighters work at the scene where a hotel was damaged by Russian missile fire in Zaporizhzhia. Reuters
Firefighters work at the scene where a hotel was damaged by Russian missile fire in Zaporizhzhia. Reuters

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.

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Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)

Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)

Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)

Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).

Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)

Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)

Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)

Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)

Pinky Food Restaurant in Tanker Mai for tilapia

Tasty Zone for Nepalese-style noodles (Dh15)

Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)

Updated: September 08, 2023, 1:13 PM`
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