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Analyst: US sanctions against Rossiya bank may hit clients’ dollar transactions

March 21, 2014, 6:50 UTC+3 MOSCOW
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MOSCOW, March 21. /ITAR-TASS/. The sanctions against the Rossiya bank, which the United States announced on Thursday, will pose certain obstacles to clients’ dollar transactions, the chief of the international auditing and consulting company BDO, Natalya Boiko, told Itar-Tass on Thursday. 

She explained that in case of any trade transactions with foreign companies mutual settlements are performed through foreign banks’ correspondent accounts. If the trading partner is outside the country, currency transactions will be blocked. 

“It is quite obvious that payments and international transactions will be frozen. The businesses of the bank’s clients and of their foreign partners who will fail to get the expected cash on time will be harmed,” Boiko said. There may develop problems with the European partners of Rossiya’s clients, because they perform their transactions through US correspondent accounts, too. The bank’s opportunities to service international transactions will be rather limited.

The dollar deposits of corporate clients may be harmed, too. There may develop problems with timely payments, while foreign currency deposits of individuals will remain largely unaffected.

The Russian banking system will hardly feel anything.

“Rossiya is not a key bank. I do not think that the sanctions against it might upset the operation of Russia’s banking sector in general,” the analyst said.

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