Raiffeisen Bank International, one of the largest western banks still operating in Russia, has suspended all outgoing payments in US dollars from the country, following warnings that it could be “shut out” of the US financial system.
The bank’s action, announced on its Russian subsidiary’s website on June 10, means the bank cannot handle any outgoing US dollar payments in Russia, regardless of where the payment is being sent, and comes as the US on June 12 unveiled a major expansion of its secondary sanctions programme on Russia.
