8 Apr 2022 16:08

Swedbank ceasing financial transactions with Russia and Belarus

MINSK. April 8 (Interfax) - Swedbank Group has decided to cease effecting payments to and from Russia and Belarus, respectively, the financial institution posted on its website.

"In compliance with all the requirements of the sanctions imposed by the European Union and the United States Treasury Department's Office of Foreign Assets Control (OFAC), Swedbank Group has decided to cease all financial transactions regarding payments to Russia and Belarus or originating from these countries," according to the statement on the website.

Swedbank noted that certain exceptions could be applicable: "For example, Swedbank will continue to service payments that are directed to specific social groups, meaning clients who receive pensions or benefit payments from these countries."

Swedbank has reported that payments to Russia and Belarus are permitted until April 20, 2022, inclusive; and payments from these countries are permitted until May 6, 2022, inclusive.

Swedbank operates in Sweden, Estonia, Latvia and Lithuania.