HCF Bank suspends forex transfers due to actions of foreign correspondent banks

MOSCOW. Oct 11 (Interfax) - HCF Bank has stopped receiving and making transfers in foreign currency, the Russian lender said in a statement.

"Due to the actions of foreign correspondent banks we cannot currently guarantee that a forex transfer will go through even with delays. Therefore, in order not to risk the interests and funds of clients, which might be blocked, we are forced to temporarily suspend transfers in foreign currency," the bank said.

The bank said its experts are working on resolving this issue as it looks for alternative channels for making forex transfers. The bank said it will issue an announcement when it resumes receiving and making forex transfers.

Many Russian banks have been forced to completely or partially suspend transfers in foreign currency due to the actions of foreign correspondent banks.