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Saturday, April 4, 2020

Gazprombank assures investors of stability amid EU sanctions

Russia's Gazprombank said recently that the latest sanctions imposed by the European Union on several of the country's banks will not affect its business and financial stability.

The EU's measures are similar to the sanctions imposed earlier by the U.S., restricting EU investors' access to long-term securities and money market instruments issued after Aug. 1.

Gazprombank said it will continue to fulfill all of its obligations, provide full service to both individuals and legal entities and process domestic and foreign currency transactions on time.

The bank said its liquidity position is manageable, while its assets and liabilities are balanced, adding that it welcomes statements by the Bank of Russia and other official institutions expressing their willingness to support those banks named in the EU sanctions.