The British HSBC Bank, one of the largest financial institutions in the world, has officially stopped processing personal bank payments related to Russia and Belarus. This was reported on November 22 by Reuters .
This solution has become part of a broader HSBC strategy to exit the Russian market. Back in May this year, the bank completed the sale of its business unit in Russia, which was announced in June 2022. The Bank has now completely stopped any personal financial transactions from these countries, offering customers alternative payments.
According to representatives of the bank, this step was due to both internal changes in the strategy and international pressure and sanction policy aimed at isolation of Russia and Belarus because of their participation in the war in Ukraine.
HSBC is especially careful about compliance with international standards, given previous US laws. In 2012, the Bank paid more than $ 2 billion in penalties due to violations of funds in its Mexican unit. This experience increased the bank's attention to regulatory risks, which probably also influenced the decision to stop operations with Russia and Belarus.
