Tinkoff Bank

Russian online bank Tinkoff has announced on that it will cease trading in euros beginning on Monday as a result of the adoption of additional European Union restrictions.

Late on Friday, the EU approved a tenth package of punitive measures to punish Russia for its invasion of Ukraine. The plan involves excluding more banks from the SWIFT global payments system, including Tinkoff and the private Alfa Bank.

“Withdrawals in euros will be available. Euro trading will be suspended from Feb. 27, 2023,” Tinkoff said in a statement, confirming that that transactions in other currencies would not be affected.

Tinkoff said in a separate statement that it has devised countermeasures to the sanctions that would permit the transfer of assets to a new, non-sanctioned firm within three weeks.

Oleg Tinkov, an entrepreneur who has become an outspoken critic of President Vladimir Putin and Russia’s invasion of Ukraine, founded Tinkoff Bank. Tinkov said in November 2014 that he has resigned his Russian citizenship due to the conflict in Ukraine.

By admin