Tyler Durden's picture

Submitted by Tyler Durden on 03/28/2014 10:18 -0400

closed-sign11The sanctioned Russian bank – Bank Rossiya – is “taking measures to protect its Russian clients” from potentially unfair actions by US banks by shutting correspondence accounts in the US. Furthermore, the bank, which is oh so grateful for the support of Vladimir Putin (who opened a personal account with the bank soon after the sanctions), added it will meet all obligations and will not need additional support as will concentrate only on its Russian clients and work only in Rubles.

  • *BANK ROSSIYA SAYS IT WILL ONLY WORK WITH RUBLES, ONLY IN RUSSIA
  • *BANK ROSSIYA SAYS IT’S TAKING MEASURES TO PROTECT CLIENTS
  • *BANK ROSSIYA TOLD U.S. BANKS IT WAS CLOSING CORRESPONDENT ACCTS
  • *BANK ROSSIYA SAYS WILL MEET OBLIGATIONS, DOESN’T NEED SUPPORT
  • *BANK ROSSIYA THANKS RUSSIAN PRESIDENT PUTIN FOR SUPPORT

STATEMENT OF “AB” RUSSIA “DATED 28/03/2014

In order to protect customers from fraud Bank foreign financial institutions AB “RUSSIA” decided to work exclusively on the domestic market and only one currency – the national currency of the Russian Federation – the ruble.

In this regard, a number of U.S. banks sent notification of the closure of correspondent accounts. In the near future similar notice will be sent to other foreign financial institutions. These changes in the Bank’s work will not affect the implementation of the obligations of the Bank before its clients and partners.

All obligations of the Bank will perform on time and in full. Bank’s activities are not in need of financial support, including from the state regulator.

AB “RUSSIA” will take part in the development and implementation of the national payment system and its activities will be focused exclusively by national rating agencies.

AB “RUSSIA” expresses sincere gratitude to the President of the Russian Federation and the Russian citizens for the Bank’s credibility.

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