Hong Kong bank refuses to serve russian IT company from the Ukrainian sanctions list
Other russian companies face similar problems
Hong Kong's HSBC Bank has refused to allow a russian IT company on Ukraine's sanctions list to make a payment under a contract with a foreign partner.
Source. The Insider writes about this with reference to a source in the company.
The bank explained its decision by the position of the National Security and Defense Council of Ukraine, which was published in the Dow Jones compliance database.
Also, according to the publication, IT integrator Krok and electronics distributor OCS Distribution (both companies are under Ukrainian sanctions) faced similar problems: they were denied services by several foreign banks.
In mid-April, Ukrainian President Volodymyr Zelensky imposed sanctions on the largest russian IT companies.
Among them, in particular, were Yandex, VK, Rambler, Skillbox, and Skyeng. In total, the list includes more than 400 individuals and 241 companies associated with russia.
Sanctions experts note that for large foreign banks, it does not matter which country's sanctions list includes a company, as banks rely on data from compliance databases, such as Dow Jones, when checking a client.
Background. It was also reported that Zelensky had enacted NSDC sanctions against Rosbank, Central Election Commission, russian politicians and parties.
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