The Russian Tinkoff Bank will stop trading in euros from February 27

Feb 26 (Reuters) – Russian online bank Tinkoff, run by TCS Group Holding (TCSq.L), said on Sunday it would suspend euro trading from Monday following the imposition of a new set of sanctions from the European Union.

The EU agreed on a tenth round of punitive measures late Friday to punish Russia for its invasion of Ukraine. The package includes cutting more banks, including Tinkoff and privately held Alfa-Bank, from the global SWIFT payment system.

“Withdrawals in euros will be available. Trading in euros will be suspended from February 27, 2023,” Tinkoff said in a statement, adding that trading in other currencies would not be affected.

In a separate statement, Tinkoff said it had prepared countermeasures to the sanctions that would allow a transfer of assets to a new unsanctioned company within three weeks.

Tinkoff Bank was founded by entrepreneur Oleg Tinkov, who has become an outspoken critic of President Vladimir Putin and the Russian invasion of Ukraine. Tinkov said last November that he had renounced his Russian citizenship because of the war in Ukraine.

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Tinkoff was forced to sell his 35% stake in the bank’s parent company, TCS, to Russian metal magnate Vladimir Potanin last April after a series of anti-war comments.

Reporting by David Ljunggren Edited by Gareth Jones

Our Standards: The Thomson Reuters Principles of Trust.


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