Sberbank reviewing terms of operations under U.S. sanctions, says clients' accounts remain safe, accessible - statement

MOSCOW. Feb 25 (Interfax) - Sberbank is closely reviewing new conditions of its operations in the wake of the sanctions announced by the United States with regard to its correspondent accounts; the restrictions do not affect the safety and accessibility of its clients' assets, Sberbank said in a statement.

As reported earlier, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) ordered that all U.S. financial institutions close any Sberbank correspondent or payable-through accounts within 30 days, i.e. by March 26. Unlike sanctions imposed on a number of other Russian banks, the sanctions on Sberbank were not defined as blocking.

Sberbank said all of its systems and offices are working as usual, and its clients, including both legal entities and individuals, have full access to their assets.

"The withdrawal and deposit transactions denominated both in rubles and foreign currencies are available without restrictions at offices, cash machines, via the Sberbank Online mobile app, and via other service channels. Payments for goods and services, transfers, and transactions with bank cards of all payment systems are and will be fully available. Foreign currency exchanges are being conducted without limitations," Sberbank said.

It said it possesses "all the necessary resources, experience, and expertise to successfully operate in the current conditions."