The Swedish bank announced the termination of transfers of payments to Russia

SEB banking group will accept payments intended for Russian and Belarusian customers until May 31,after that they will be returned to the sender

The Swedish bank Skandinaviska Enskilda Banken (SEB) has announced that it will stop transferring payments to RUSSIA and Belarus. Payment services will be provided until May 31 inclusive, after which all incoming payments will be returned to the sender.

“After this date, we automatically terminate standing payment orders <...>,” the bank said in a statement.

The decision is due to the fact that due to the military operation in Ukraine and Western sanctions, operations with Russia and Belarus "become extremely complex and risky." In the future, payment services for Russian or Belarusian customers will be provided in exceptional cases. Such cases, in particular, can be humanitarian issues, such as the payment of pensions, SEB notes.

Departure of a part of foreign banks from Russia. What is important to know Finance

On March 21, the bank announced that it had begun curtailing work in Russia. It has branches in Moscow and Saint Petersburg , employing a total of about 80 people. According to the bank, only 0.3% of its operations are connected with Russia. According to the banki.ru rating, SEB Bank JSC ranks 92nd in Russia in terms of assets.

Against the backdrop of a military operation in Ukraine and the imposition of sanctions against the financial sector of Russia, a part of Western banking groups reported curtailing business in the country. This decision, in particular, was made by Goldman Sachs, JP Morgan Chase, Deutsche Bank and Commerzbank.