Russian Gazprombank to stop transfers in US dollars due to decision of American banks

This is stated by Gazprombank and quoted by the Russian media.

"Due to unilateral decisions of American financial institutions, servicing of Gazprombank correspondent accounts in US dollars at JPMorgan Chase Bank and Bank of New York Mellon will be terminated,"  press service notes in a statement.

Bank's clients were asked not to use its services for cross-border transfers in dollars, starting from January 27 inclusive.

"This will in no way affect the work of Gazprombank, maintenance of accounts and deposits of our clients in dollars, as well as cross-border transfers in other currencies will continue," the bank said.

Previously, some Russian banks were forced to completely or privately suspend transfers in foreign currency (mainly in dollars and euros) due to actions of foreign correspondent banks.

• On December 28, media reported that Gazprom's exports to its key foreign markets were almost halved in 2022 due to reduced flows to Europe following Russia's invasion of Ukraine.