GPB introduces commission on retail dollar, euro accounts, worsens terms of SWIFT transfers

MOSCOW. July 20 (Interfax) - Gazprombank (GPB) has introduced a commission for retail accounts in U.S. dollars and euros with balances over 10,000 currency units in the amount of 0.017% of the overall sum per day effective July 20, the bank said in a statement.

GPB is also introducing a commission on crediting funds to accounts in U.S. dollars and euros in the amount 3% of the credited amount. The minimum commission will be 12,000 rubles but it cannot be more than the credited amount.

In addition, as of July 20 individuals will have to pay a 3% commission (at least 12,000 rubles and not more than 60,000 rubles) on any foreign currency transfers abroad using the SWIFT system.

"Due to unfriendly countries' imposition of a number of measures of a restrictive nature against Russia's financial system, payments in U.S. dollars, euros and other currencies belonging to unfriendly jurisdictions go through with significant delays or do not go through at all, and the funds are at risk of being frozen by foreign correspondent banks, which are no longer able to fulfill previously assumed obligations," GPB said.

"Therefore, due to circumstances beyond our control, at present we cannot guarantee the high level of service our clients are accustomed to and ensure timely execution of payments in the currencies of unfriendly countries, foremost U.S. dollars and euros, as well as the safekeeping of funds in such transactions," the bank said.

GPB requested that retail customs refrain from making transactions in dollars and euros if possible.

"In the current situation, we draw our clients' attention to the constantly growing risks of keeping funds in the currencies of unfriendly countries and firmly recommend keeping funds using accounts in the currencies of friendly countries," GPB said.