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UK prohibits Russia's Sberbank from sterling clearance

Tue, 01st Mar 2022 14:41

LONDON, March 1 (Reuters) - Britain on Tuesday banned Russia's Sberbank from correspondent banking and sterling clearance, following Moscow's invasion of Ukraine last week.

The information was contained in a notice https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1057877/Notice_Russia_010322.pdf on the government website.

It follows remarks from Britain's Foreign Secretary Liz Truss earlier this week that she would freeze the assets of all Russian banks, while bringing forward a legislation that would prevent them from clearing payments in sterling. (Reporting by Muvija M; editing by William James)

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