HSBC suspends commercial payments to Russia, Belarus

HSBC, Europe’s largest bank, has announced that it will halt commercial payments by its business customers to and from Russia and Belarus. This move comes as financial institutions continue to tighten restrictions beyond the sanctions imposed following Russia’s invasion of Ukraine.

According to HSBC, the increasing volume of sanctions and trade restrictions imposed globally on Russia and Belarus has made it increasingly challenging for the bank to operate in these countries. As a result, HSBC has decided to restrict commercial payments by its corporate entity customers to or from Russia and Belarus.

The bank has already announced its exit from Russia, but the planned sale of its unit to a local lender, Expobank, has faced delays and is pending final regulatory approval.

The decision by HSBC to restrict commercial payments to Russia and Belarus is in line with the broader trend of Western banks and financial institutions reducing their exposure to Russia in response to geopolitical tensions and sanctions. The West, including the United States and European Union, has imposed sanctions on Russian banks and individuals, and some Russian banks have been cut off from the international SWIFT payments system.

While some European banks still maintain a presence in Russia, the overall trend has been towards reducing business ties with the country. In contrast, China has deepened economic ties with Russia, highlighting the divergence in approaches among global powers.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Goldman Sachs, Macquarie, hedge funds dive into surging uranium sector

Investment banks Goldman Sachs and Macquarie, alongside some hedge funds, are positioning themselves to capitalize on the surging uranium sector as prices of the nuclear fuel ingredient skyrocket. While many other investment banks remain cautious about uranium, Goldman Sachs and…

EU set to open third joint gas buying round next month

The European Union (EU) is set to launch its third round of joint gas buying next month, as the bloc continues its efforts to secure gas supplies in anticipation of another winter with limited Russian gas availability. The collective gas buying initiative was initiated this year as a response to Russia reducing gas deliveries in 2022 following its invasion of Ukraine. The scheme involves gathering gas demand from companies, seeking offers from global gas suppliers, and matching buyers and sellers. The EU aims to fill storage caverns ahead of winter and leverage the collective market clout of EU countries to avoid competition that could drive up gas prices.

OPEC+ plots 411,000 bpd boost in August, testing fragile oil markets

The powerful oil alliance OPEC+, which brings together the Organization of the Petroleum Exporting Countries and its partners such as Russia, is preparing to unveil yet another substantial increase in oil output—this time by 411,000 barrels per day (bpd) in August. This would continue the group’s aggressive pivot back toward regaining global market share after years of production restraint.

If confirmed, this additional bump would lift OPEC+’s total new supply commitments for 2025 to roughly 1.78 million bpd—amounting to more than 1.5% of global oil demand. However, the actual pace of physical barrels reaching the market has lagged the group’s official targets, as some members work off penalties for past overproduction while others face operational challenges ramping up capacity.

Stay informed

error: Content is protected !!