MOSCOW, July 20. /TASS/. Tinkoff Bank was ready for the sanctions from Canada and the United States, all the bank’s services and applications are operating normally, the credit institution said in its Telegram channel.

"Today we came under US and Canadian sanctions. This was expected. We were preparing for such a turn of events and we will do our best to make this news go unnoticed by our customers. Tinkoff products, services, and applications continue to function normally," the statement said.

The bank also said it is currently investigating the impact of the sanctions. "If something changes, we will make an announcement through the official Tinkoff channels," the bank said.

Canadian authorities have imposed sanctions against the Mir payment system and Tinkoff Bank, the Global Affairs Canada (Canadian Foreign Ministry) said on Thursday.

At the same time, US authorities introduced sanctions against five Russian banks, the US Department of the Treasury said on Thursday. Sanctions are said to further weaken Russian opportunities to maintain access to the global financial system, according to the document. Tinkoff Bank, LockoBank, Petersburg Social Commercial Bank, Solidarnost Bank and Unistream Bank were added to the sanction list.

Earlier, on February 25, 2023, the EU also imposed sanctions against Tinkoff, then in May, the UK also added the bank to its sanctions list.