Impact of international and local sanctions on doing business in Russia, Republic of Belarus and Ukraine
At ING, we’re deeply saddened and concerned by the brutal violence we’re witnessing in Ukraine. The situation has led to the announcement of international sanctions against banks, corporates and individuals involved in the current events in Russia, Republic of Belarus and Ukraine. We also see that local governments have implemented restrictions. As ING we abide by national and international sanctions and regulations.
The impact of the sanctions and implemented restrictions to date:
- Execution of payment transactions
Execution of payment transactions is dependent on the capabilities of the sending, receiving and intermediate banks and any further restrictions imposed by the relevant authorities. Payments to and from Russia, Belarus and Ukraine are subject to restrictions and therefore ING cannot guarantee the end-to-end execution. Information on (newly) imposed EU (European Union) and US (United States) sanctions can be found on the website of the Official Journal of the European Union and on the website of the U.S. Department of the Treasury.
- Payments in Russian Rubles (RUB) and Belarussian Rubles (BYN)
ING offices outside of Russia will no longer perform transactions denominated in Russian Rubles (RUB) and Belarussian Rubles (BYN) as per end-of-day 5 March 2022, including FX involving these currencies. ING Bank (Eurasia) will continue to effect payments in Russian Rubles (RUB).
- SWIFT availability for banking flows with Russia and Belarus
SWIFT is currently available, however selected Russian banks have been removed from the SWIFT messaging system. SWIFT has removed the following banks from the SWIFT network:
- Bank Otkritie
- Rossiya Bank, Sovcombank
- VNESHECONOMBANK (VEB)
- VTB BANK
- Credit Bank of Moscow
- Russian Agricultural Bank
- All their >50% owned subsidiaries in Russia
- Belarus Development Bank
- Dabrabyt Bank
- Belarussian Bank For Development And Reconstruction
Therefore, cross border payments to and from these banks can no longer be executed.
For an overview of actions that ING is taking to support the people in Ukraine, visit ING stands with the people of Ukraine.
The situation is subject to ongoing changes and new insights. ING cannot be held liable for its current interpretation of applicable sanctions and restrictive measures.