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Switzerland’s financial market watchdog, FINMA, said on June 1 that it would extend until August the ban on Russia’s largest bank, Sberbank, according to REL.
The ban prevents the Russian bank from making payments and transactions and includes other measures designed to protect creditors.
FINMA imposed measures on the Sberbank subsidiary in Switzerland on March 4, following the Russian occupation of Ukraine, joining many Western states that sanctioned Moscow.
The Swiss authorities then decided to extend these measures until May 31, but today’s decision makes these measures valid until August.
“The measures will be in force until August 2, 2022 due to international sanctions and the ongoing liquidity risks of this bank”, said FINMA.
Switzerland, a neutral state, as well on 28 Februaryfour days after the start of the Russian occupation of Ukraine, approved the sanctions imposed by the European Union, which included the freezing of assets and the targeting of Russians.
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