Banks targeted by US sanctions were "best for millionaires"
Russians tried to conduct financial transactions through small banks
Organizations that help wealthy Russians manage their assets have been targeted by a new package of US sanctions over Russia's invasion of Ukraine. Among other things, restrictions were imposed on three companies that Forbes called the best banks for millionaires.
Source. This was reported by the Agency.
Details. The U.S. Treasury Department reports that Russian individuals and companies under sanctions are turning to smaller banks and asset management companies in an effort to circumvent the sanctions. Washington imposes sanctions against such entities. The Ministry of Finance adds that Russia is thus looking for new ways to access the international financial system.
The sanctions targeted the heads of private banking projects at Rosbank (Ulan Ilishkin, head of L'Hermitage Private Banking), Alfa-Bank (Alina Nazarova, head of A-Club), and Sberbank (Evgenia Tyurikova).
In 2021, L'Hermitage Private Banking, A-Club and Sber Private Banking were included in the Forbes list of the best banks for millionaires in Russia in seventh, third and second place, respectively.
The new US sanctions list also includes Moscow Credit Bank, MTS Bank, Uralsib, Bank St. Petersburg, and other financial institutions.
Background. As reported, the United States imposed sanctions against 105 Russian legal entities and individuals.
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