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Bank Rossiya plans to work only with Russia's national currency
The Russian joint-stock bank, AB Rossiya, decided on Friday that it would work only with the national currency to protect its customers from dishonest actions by foreign financial institutions.
"In order to protect the bank's customers from dishonest actions by foreign financial institutions AB Rossiya has decided to operate only in the domestic market and exclusively with the national currency of the Russian Federation - the ruble," AB Rossiya said in a statement released on Friday.
"The bank has already notified some US banks that it is closing its correspondence accounts. Similar notifications have been sent to other foreign financial institutions," the bank said in its statement.
Despite changes in its work, AB Rossiya will continue meeting its commitments to clients and partners.
"The bank will fulfill its commitments on time and in full volume. The bank does not need financial support for its current operations, including from the state regulator," AB Rossiya said. The Visa and MasterCard international payment systems stopped servicing the plastic cards of four Russian banks, including AB Rossiya, on March 21 because of their links to sanctioned Russian businessmen included in the United States black list.
[Source: Itar Tass, Moscow, 28Mar14]
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