Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 622.70
Bid: 622.50
Ask: 622.60
Change: 7.70 (1.25%)
Spread: 0.10 (0.016%)
Open: 618.80
High: 627.50
Low: 618.00
Prev. Close: 615.00
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Businesses fear ripple effects from "cosmetic" Russian sanctions

Fri, 21st Mar 2014 13:21

By Lionel Laurent and Megan Davies

PARIS/MOSCOW, March 21 (Reuters) - U.S. and Europeansanctions against Russia are already having a ripple effectbeyond their immediate targets, with Visa and MasterCard halting payment transaction services for clients of abank not even on the blacklist.

SMP bank's co-owners are two of the 20 Russians targeted byU.S. President Barack Obama as he tries to punish RussianPresident Vladimir Putin for annexing Crimea.

The lender described the move by Visa and MasterCard asunlawful. However, financial services firms arewary of doing business with any person or group that can belinked back to Obama's blacklist.

Banks have paid dearly in the past for violating U.S.sanctions on countries such as Iran, and the threat of broadermeasures against the Russian economy should Putin threatensouthern and eastern Ukraine reinforces their caution.

The U.S. sanctions forced Russian billionaire GennadyTimchenko to sell his nearly 50 percent stake in Gunvor, theworld's fourth-largest oil trader, this week but their directeffect has generally been relatively minor so far.

What bankers and business people fear is an escalation ofmeasures that would choke off international payments and trade,halt investments and stymie deals. Germany's main trade bodywarned on Friday that full-blown economic sanctions would be a"real catastrophe".

In a worst-case scenario, Washington would stop banks doingbusiness with Russian counterparts and corporates, similar tothe sort of sanctions that were imposed on Iran.

Germany's "wise men" council of economic advisers said thisweek that the Ukraine crisis was the biggest threat to growthglobally, and especially in Germany, because of Russia'simportance of an energy exporter.

"What has been announced so far is really nothing. It'spurely cosmetic," said a French banker based in Moscow.

"The biggest risk is tougher sanctions and really thepotential impossibility of transfers in U.S. dollars. That willhit trade finance, which depends on correspondent accounts indollars," said the banker, who declined to be named because ofofficial sensitivity around the restrictions.

"Being able to make payments in dollars is crucial for theRussian economy, which is dependent on energy exports. It wouldreally hurt us domestically."

********************************************************

Bank exposure to Russia http://link.reuters.com/xej67v

Russia's main trade partners http://link.reuters.com/jup77v

Russia's EU trade ties http://link.reuters.com/rup77v

********************************************************

State-owned Russian banks and companies are expected torepatriate funds from overseas after Putin told them this weekto bring their assets home. But foreign bankers in Russia saidthings would have to deteriorate further before they wouldreconsider their investments there.

"It would have to be a lot worse than this. We are waitingfor the response from the Russian side. It's very difficult topredict," said another Western banker in Moscow. "I haven'theard of any Western companies pulling out of Russia. If acompany is substantially invested here it will be difficult forthem to consider getting out."

WAIT AND SEE

Even before the Crimean crisis blew up last month,international banks such as HSBC, Credit Suisse and Barclays had pulled out of dozens ofmarkets because the risk of falling foul of financial crimerules and sanctions outweighed the returns.

The cost to banks of cleaning up an array of misdeeds thathave come to light since the global financial crisis, includingsanctions busting, has soared to over $100 billion.

With that figure expected to climb, Western banks have sofar steered clear of attempts by Iran to get them involved infinancing humanitarian transactions, despite a diplomatic thaw.

With the U.S. and European sanctions so far focused onwealthy individuals close to Putin, private banks which cater topowerful Russians are under the spotlight.

Switzerland, the centre of international private banking anda bolt-hole for wealthy Russians, has yet to impose anysanctions but its banks, such as UBS and CreditSuisse, still have to be aware of sanctions when they deal withclients.

Beyond banking, big companies such as AstraZeneca have said they are monitoring the situation in Russia, whiledoubts are growing over whether smaller firms with lessfinancial flexibility should push ahead with investments inRussia such as building factories.

"They are in a wait-and-see mode. But again the timing couldbe waiting three to six months rather than scrapping the wholething," said a second French banker working in Moscow.

Vasili Brokvo, the head of communications for Russia's statedefence conglomerate Rostec, made the corporate case for peace.

"We hope and our international partners also hope thatpolitical differences over certain issues won't annul or destroyeverything we've built and all previous agreements with foreignpartners will be successfully implemented," he said on abusiness trip to Chile this week. (Additional reporting by Katharina Bart in Zurich, BenHirschler in London and Alexandra Ulmer in Santiago. Writing byCarmel Crimmins; editing by David Stamp)

More News
Today 09:55

UBS makes Ermotti Europe's best-paid bank boss with $16 mln package

Ermotti earned $15.9 mln in 2023

*

Read more
27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

Read more
27 Mar 2024 09:40

LONDON BROKER RATINGS: Sainsbury's, Petershill Partners upped to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
27 Mar 2024 08:54

Britain's Vanquis bank 'resets' business after 2023 loss

LONDON, March 27 (Reuters) - Vanquis Banking Group on Wednesday said it was resetting its business, highlighting the challenges faced by Britain's smaller banks, after reporting a 4.4 million-pound ($5.55 million) loss before tax for 2023.

Read more
27 Mar 2024 07:44

Britain's Vanquis bank 'resets' business after 2023 loss

LONDON, March 27 (Reuters) - Vanquis Banking Group on Wednesday said it was resetting its business, highlighting the challenges faced by Britain's smaller banks, after reporting a 4.4 million-pound ($5.55 million) loss before tax for 2023.

Read more
25 Mar 2024 10:19

LONDON BROKER RATINGS: SocGen raises Sage; Numis cuts Virgin Money

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
18 Mar 2024 06:59

PRESS: M&S and HSBC planning loyalty "superapp", seven-year deal — Sky

(Alliance News) - Marks & Spencer Group PLC and HSBC Holdings PLC are preparing plans to announce a new seven-year deal that includes the creation of a loyalty "superapp", Sky News reported Sunday.

Read more
11 Mar 2024 14:05

HSBC to recruit about 50 more bankers for US commercial bank - Reuters

(Sharecast News) - HSBC is planning to recruit about 50 more bankers in its US commercial bank to lend to start-up companies, mainly in the technology and healthcare sectors, according to a senior executive.

Read more
7 Mar 2024 15:29

London close: Stocks finish firmer as US jobless claims rise

(Sharecast News) - London markets closed with modest gains on Thursday, after higher-than-expected jobless claims figures from the US, and a flurry of corporate news in the UK.

Read more
4 Mar 2024 21:56

IN BRIEF: HSBC issues USD2.75 billion worth of senior notes

HSBC Holdings PLC - Asia-focused lender - Issues USD1.50 billion 5.546% fixed rate/floating rate senior unsecured notes due 2030 and USD1.25 billion 5.719% fixed rate/floating rate senior unsecured notes due 2035. HSBC will apply to list the notes on the New York Stock Exchange.

Read more
1 Mar 2024 09:14

LONDON BROKER RATINGS: Numis cuts St James's Place to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
29 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 1 March 
AEW UK REIT PLCdividend payment date
Alternative Income REIT PLCdividend payment date
Atrato Onsite Energy PLCdividend payment date
Carr's Group PLCdividend payment date
CC Japan Income & Growth Trust PLCdividend payment date
CVC Income & Growth Ltd (EUR)dividend payment date
CVC Income & Growth Ltd (GBP)dividend payment date
Gabelli Merger Plus+ Trust PLCdividend payment date
ICG Enterprise Trust PLCdividend payment date
IG Group Holdings PLCdividend payment date
JPMorgan China Growth & Income PLCdividend payment date
JPMorgan Claverhouse Investment Trust PLCdividend payment date
LXi REIT PLCdividend payment date
Pollen Street PLCdividend payment date
TwentyFour Select Monthly Income Fund Ltddividend payment date
UK Commercial Property REIT Ltddividend payment date
Monday 4 March 
no events scheduled 
Tuesday 5 March 
Henderson Smaller Cos Investment Trust PLCdividend payment date
PayPoint PLCdividend payment date
Wednesday 6 March 
AB Dynamics PLCdividend payment date
Thursday 7 March 
abrdn Diversified Income & Growth PLCex-dividend payment date
Assura PLCex-dividend payment date
Athelney Trust PLCex-dividend payment date
Berkeley Group Holdings PLCex-dividend payment date
BHP Group Ltdex-dividend payment date
Chenavari Toro Income Fund Ltddividend payment date
Colefax Group PLCex-dividend payment date
Crown Place VCT PLCex-dividend payment date
CT UK Capital & Income Investment Trust PLCex-dividend payment date
Energean PLCex-dividend payment date
HSBC Holdings PLCex-dividend payment date
JPMorgan Global Emerging Markets Income Trust PLCex-dividend payment date
JPMorgan Global Growth & Income PLCex-dividend payment date
Law Debenture Corp PLCex-dividend payment date
Mid Wynd International Investment Trust PLCex-dividend payment date
Personal Assets Trust PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCex-dividend payment date
PZ Cussons PLCex-dividend payment date
Redcentric PLCex-dividend payment date
Renishaw PLCex-dividend payment date
Rights & Issues Investment Trust PLCex-dividend payment date
Rio Tinto PLCex-dividend payment date
Ruffer Investment Co Ltdex-dividend payment date
Safestore Holdings PLCex-dividend payment date
Schroder Real Estate Investment Trust Ltdex-dividend payment date
SDCL Energy Efficiency Income Trust PLCex-dividend payment date
South32 Ltdex-dividend payment date
Standard Chartered PLCex-dividend payment date
Temple Bar Investment Trust PLCex-dividend payment date
Utilico Emerging Markets Trust PLCex-dividend payment date
Vaalco Energy Incex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
27 Feb 2024 09:23

LONDON BROKER RATINGS: Barclays raises Flutter to 'overweight'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
23 Feb 2024 09:19

LONDON BROKER RATINGS: Barclays raises Breedon but cuts Domino's Pizza

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
23 Feb 2024 08:47

LONDON MARKET OPEN: Stocks mixed; StanChart drives FTSE 100 higher

(Alliance News) - Stock prices in London opened mixed on Friday, with the FTSE 100 lifted by well-received results from Standard Chartered.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.