JAKARTA - Russia's online bank nightoff, run by TCS Group Holding, announced on Sunday February 25 that it would stop trading in euros starting Monday 27 February following the implementation of a series of further EU sanctions.
The European Union agreed to impose its 10th sanction on Friday evening, February 24 to punish Russia for its invasion of Ukraine. The package includes cutting more banks, including safeoff and Alfa-Bank, from SWIFT's global payment system.
"Funds in euros will remain available. The euro trade will be discontinued from February 27, 2023",oreoff said in a statement quoted by Reuters, adding that trading in other currencies would not be affected.
In a separate statement,oreoff said it had prepared measures to deal with sanctions that would allow the transfer of assets to companies that were not subject to new sanctions in three weeks.
The Bank's death was founded by businessman Oleg pathov, who has become a sharp critic of President Vladimir Putin and Russia's invasion of Ukraine. He announced last November that he had relinquished his Russian citizenship due to the war in Ukraine.
He was forced to sell his 35% stake in the parent bank of TCS last April to Russian metal entrepreneur Vladimir Potanin, following a series of anti-war comments.
After Russia's invasion of Ukraine in February 2022, several Western countries have imposed economic sanctions on Russia in response to these aggressive actions. Here are some examples of Western economic sanctions against Russia:
Asset freeze: Several Western countries have frozen Russian assets and companies linked to the Russian government.
Trade bans: Several Western countries have imposed bans on exports of technology and products to Russia, such as weapons, military equipment, and energy technology.
Financial restrictions: Several Western countries have restricted Russia's access to the global financial market by limiting access to bonds and stocks.
The ban on imports: Several Western countries have imposed a ban on imports of certain products from Russia.
visa restrictions: Several Western countries have restricted visa access for Russian government officials and related individuals.
SWIFT restrictions: SWIFT (Society for Worldwide Interbank Financial Telecommunication) are global financial communication networks used by banks around the world. Several Western countries have threatened to limit Russia's access to SWIFT as additional sanctions.
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