China’s largest credit card brand UnionPay has reportedly suspended its negotiations with Russian banks on issuing new bank cards for their customers over fear of Western sanctions. According to The Moscow Times, the Chinese credit processor has recently halted talks with some major Russian lenders, including Sberbank, Russia’s largest bank by assets, due to concerns…
China’s UnionPay Reportedly Suspends Cooperation With Russian Banks Over Fear of Western Sanctions
Fitch Downgrades Ratings of 31 Russian Banks
March 16, 2022
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Rating agency Fitch has downgraded the Long-Term Foreign Currency (LTFC) Issuer Default Ratings (IDRs) of 31 Russian banks from “B” to “CC” and Short-Term IDRs from “B” to “C.” “Russian banks’ LTFC IDRs now reflect our opinion that some form of default on FC (foreign currency ) financial obligations or deposits is probable over the…
Russian Investors Find Short-Term Solution to Western Sanctions Against Moscow, Expert Says
March 14, 2022
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Converting foreign assets into Chinese yuan assets may be a short-term solution for Russian investors in the wake of Western sanctions against Moscow, according to experts. The exclusion of major Russian banks from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, shuts them out from the U.S.-dominated international fund transfer system. Although this severely…
Beware of the Long-Term Implications of a Sino-Russian Alliance
Commentary As anticipated, Vladimir Putin has invaded Ukraine. As also anticipated, the West has responded with economic sanctions. U.S. sanctions alone include: asset freezes on Russia’s primary financial institutions and key elites; restrictions upon these same banks from making transactions in U.S. dollars; substantial limitations upon debt and equity financing; import and export controls over…
Japan to Freeze Assets of Four More Russian Banks From April 2
March 4, 2022
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TOKYO—Japan will freeze the assets of four additional Russian banks from April 2, Finance Minister Shunichi Suzuki said on Thursday, taking to seven the total number Tokyo has slapped with such sanctions. Prime Minister Fumio Kishida’s cabinet approved the decision to freeze the assets of VTB Bank, Sovcombank, Novikombank and Otkritie, the Ministry of Finance…
Top Russian Banks ‘Operating Normally,’ Downplay Impact of US Sanctions
February 25, 2022
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Russian banks have shrugged off the impact of Washington’s sanctions, which were imposed following Russia’s invasion of Ukraine, insisting that they continue to function normally. Sberbank, Russia’s biggest bank, said it was studying the implication of American sanctions. “Sberbank and all its systems are operating normally, their funds and services are available to individuals and…
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