Feb 26 (Portal) – Russian online bank Tinkoff, operated by TCS Group Holding (TCSq.L), announced on Sunday that it would suspend trading in euros from Monday following the imposition of further sanctions by the European Union become.
The EU late Friday agreed a 10th round of punitive measures to punish Russia for invading Ukraine. The package includes disconnecting more banks, including Tinkoff and private Alfa-Bank, from the global SWIFT payments system.
“Withdrawals in euros will be available. Euro trading will be suspended from February 27, 2023,” Tinkoff said in a statement, adding that trading in other currencies was unaffected.
In a separate statement, Tinkoff said it had prepared countermeasures to the sanctions that would allow assets to be transferred to a new unsanctioned company within three weeks.
Tinkoff Bank was founded by entrepreneur Oleg Tinkov, who has become an outspoken critic of President Vladimir Putin and the Russian invasion of Ukraine. Tinkov said last November he gave up his Russian citizenship because of the war in Ukraine.
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Tinkoff was forced to sell its 35 percent stake in the bank’s parent company, TCS, to Russian metals magnate Vladimir Potanin last April after a spate of anti-war comments.
Reporting by David Ljunggren Editing by Gareth Jones
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