Hadir H.Sh., Furaijl H.B., Rakhmonov A.Kh. The Impact of the New Economic Sanctions of the Collective West Countries on the Russian Banking Sector. Pakistan Journal of Life and Social Sciences. 2024. Vol. 22 No. 1. Pp. 1368-1378.

Текст статьи на сайте журнала URL: https://www.pjlss.edu.pk/articles/2024_1/1368-1378.htm (дата обращения 05.07.2024)

Abstract

The article examines the new sanctions of the countries of the collective  West against the banking sectors of Russia, the impact of sanctions on  banks and clients of banks in Russia, as well as measures of support for the  banking sector by the Russian government under sanctions pressure. New  restrictions and sanctions were introduced against the Russian banking  sector in 2022, which are many times greater in scale than the sanctions  imposed in 2014 and subsequent years. The measures themselves were  also unprecedentedly harsh. Since the sanctions were imposed, many  foreign banks have simply stopped cooperating and closed correspondent  accounts of Russian banks. Most often, this behavior is not due to legal  restrictions, but is more related to concerns about the imposition of fines  and other measures of influence. Banks' concerns are understandable:  there are already precedents for bringing to justice violations of sanctions  regimes. Russian clients also face difficulties in passing the compliance  procedures of foreign banks. So, when making payments through  correspondent accounts, such banks request additional information  confirming that the operation does not fall under sanctions restrictions,  while often indicating a fairly short time for execution, and if they are  violated, they simply "deploy" the operation. Such restrictions entail a  serious risk of violation by the parties of their obligations, delays in  payment and non-fulfillment of contracts.

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