Russia has lost another banking partner as more lenders turn their back on Moscow over fear of sanctions [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
Oversea-Chinese Banking Corp. will stop processing Russian transactions in November, Bloomberg reported. The Singaporean bank is following lenders in China, which have largely pulled back from Russia. Another bank has turned its back on Russia as lenders grow worried about doing business with Moscow under the threat of Western sanctions. Oversea-Chinese Banking Corp., the second-largest lender in Singapore, told its clients it would no longer process any transactions related to Russia as of the start of November, a person familiar with the matter told Bloomberg in a report published this week. The person said that those transactions included the transport and sale of goods and services in Russia and that OCBC attributed the pullback to operational challenges around compliance and regulation. The new restrictions aren't expected to significantly impact the bank, given that OCBC hasn't opened new accounts for Russian clients in two years, the source added. The bank didn't i
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