The United States cut off the last major Russian state-owned bank from the dollar

The last of the major Russian state-owned banks has lost access to US correspondent accounts, without which operations in dollars are impossible.

Gazprombank, Russia’s third largest bank by assets and one of the large “states” with access to the SWIFT international payment system, will stop cross-border transfers in dollars from January 27, the bank’s press service said on Tuesday. Told .

The reason for this is the closure of correspondent accounts by the American JPMorgan Chase Bank and the Bank of New York Mellon (BONY), explains GPB. The bank asks customers not to use its services for dollar transfers, and also assures that individuals and legal entities will retain “unhindered access to their funds.”

GPB will continue to make transfers in other currencies, indicates its press service. “These are not new restrictions, not disconnection from SWIFT, not freezing of accounts. It’s just that the indicated US banks will stop serving our correspondent accounts from January 27 and that’s it. They do it, we don’t , we do not close anything, “a source close to the bank’s management told Frank RG.

Since the summer, Russian banks have received mass letters from US counterparts, including JPMorgan and Citigroup, about closing dollar correspondent accounts. As a result, by the end of August, there were almost no banks left in the country that maintained access to the world’s main settlement currency, complained Elena Bukina, chairman of the risk committee of the Association of Russian Banks.

For GPB, which has become a center for gas payments, American banks made an exception with the structures of the Moscow Exchange, the closure of which would lead to a halt in dollar trading in Russia.

But now the “silent restrictions” have affected GPB as well. And it could jeopardize the billions of dollars in commodity revenue that Russian companies receive in 2022.

In effect, Gazprombank has become Russia’s new central bank, IIF chief economist Robin Brooks wrote earlier. While the Bank of Russia under the leadership of Elvira Nabiullina was liquidated as a subject of the global financial system, its accounts were frozen, and it is no longer possible to conduct foreign currency transactions even on the Moscow Exchange, Gazprombank Deposited an excess of currency in its accounts for oil and gas.

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