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VEB, Gazprombank clients not to be affected by US sanctions

July 17, 2014, 18:27 UTC+3 MOSCOW

VEB President Vladimir Dmitriyev said all US sanctions aimed to cause damage to the Russian economy

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© ITAR-TASS/Alexei Filippov

MOSCOW, July 17. /ITAR-TASS/. The US sanctions against VEB and Gazprombank will not affect their clients, the Central Bank said on Thursday, July 17.

“These measures are limited in nature and do not affect the interests of these financial institution’s clients,” the Central Bank said.

It said the banks were working as usual and providing the full range of services to their clients, including money transfers and transactions using bank cards.

Gazprombank said earlier in the day that the US sanctions had not affected its financial stability as they “only limit access for American investors to the bank’s long-term (over 90 days) debt instruments placed after July 16 of this year. These limitations do not affect Gazprombank’s activities and the bank is working as usual,” the statement said.

VEB President Vladimir Dmitriyev said all US sanctions aimed to cause damage to the Russian economy.

He said the US sanctions would reduce lending possibilities for small and medium-sized business in Russia.

The Central Bank said it was prepared to take additional measures to support VEB and Gazprombank.

“If need be, adequate measures will be taken to support these organisations in order to defend the interests of their clients, depositors and creditors,” the Bank said.

The US government’s new round of sanctions will also apply to the state-owned oil company Rosneft, Kalashnikov arms-maker, Uralvagonzavod, which makes tanks, NOVATEK gas producer, and other Russian companies.

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