ECB warns banks of Russia sanctions risk - report

Wednesday, 26. January 2022 21:42

The European Central Bank cautioned landers with notable activities in Russia to prepare themselves for the impact of international sanctions against the Kremlin in case of an invasion on Ukraine, the Financial Times reported on Wednesday, citing people briefed on the matter.

The imposition of sanctions could present a significant risk for banks with connections to the Russian economy, such as United States' Citigoup Inc., France's Societe Generale S.A., and Italy's UniCredit S.p.A.

"ECB officials have asked for details of how the banks would handle different scenarios, such as a move to block Russian banks from accessing the Swift international payments system," the outlet quoted its source as saying.

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Baha Breaking News (BBN) / SP