The Russian financial institutions could become one of the main targets for EU and US sanctions over the escalation in Ukraine.
(Photo: Reuters)
Frankfurt Sanctions, credit risks, cyber attacks: the recent escalation of the Ukraine crisis is stoking fears of a destabilization of the international banking system. On Tuesday, the European Union agreed on a first package of sanctions against Russia. According to EU foreign policy chief Josep Borrell, this also affects banks that finance operations in the separatist areas.
This could restrict access to the EU financial market for these banks – but also have unpleasant side effects for the EU. The sanctions have the potential to affect all of Russia’s trade relations, damaging German exporters as well.
The UK has also imposed sanctions on five Russian banks. Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank are affected, Prime Minister Boris Johnson told parliament.
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