Gazprombank allowed the sale of the Swiss "daughter"

If a buyer is found, Gazprombank expects to complete the deal by the end of the third quarter of 2022.Its Swiss subsidiary is mainly involved in trade and EXPORT finance.

Gazprombank began to explore options for the possible sale of individual assets or business in Switzerland as a whole, according to the website of its "daughter".

“The bank expects to complete the process of exploring possible options, including the search for an investor, by the end of the third quarter of 2022. Parties interested in participating should contact our representative.

The bank emphasized that this message "is not an offer or promise of any transaction" and cannot be interpreted as such.

Gazprombank will increase commissions for transfers via SWIFT Finance

According to REUTERS, Gazprombank is one of the last remaining channels for financing trade flows between RUSSIA and Switzerland, as other major Russian banks fell under Western sanctions after the start of a special operation in Ukraine.

In total, about 80 people work in the Swiss subsidiary. This division is mainly involved in trade and export finance, including helping Swiss industrial groups finance exports to Eastern Europe. Also, the subsidiary bank finances the extraction, transportation and processing of raw materials coming from Russia to Western Europe for commodity traders. The bank could be valued at about CHF 150 million ($154 million) with a net worth of about CHF 200 million, a Reuters source told Reuters.

Gazprombank, through which international payments for gas supplied by Russia go, remains the only state-owned bank and one of the few large banks that can still make currency transfers within Russia and abroad.

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In early June, Polish Deputy Foreign Minister Pawel Jablonski announced that the EU had begun work on the seventh round of sanctions. According to him, Gazprombank's disconnection from SWIFT is also being discussed.

Gazprombank has been under US and EU sectoral sanctions since 2014 , which impose a ban on the provision of long-term financing, but these sanctions do not apply to its subsidiaries. In early March, the Swiss Bankers Association (SBA) excluded Gazprombank and Sberbank from the country's banking system.

And in May, the US imposed sanctions against 27 top managers of the GPB and its structures. Then Washington announced that it was not about blocking the operations of Gazprombank and freezing its assets. “We are signaling that Gazprombank is not a safe place, and therefore we are imposing sanctions on some of its top managers <...> to create a deterrent effect,” said a US presidential administration official.