Rosbank shrugs off impact of Clearstream block on correspondent account

MOSCOW (Reuters) – Russian lender Rosbank believes a choice by European clearing home Clearstream to dam its correspondent account is not going to have a major damaging influence on its operations, it stated in a press release to a Russian media outlet on Saturday.

Clearstream stated on Friday UK sanctions on June 29 on Rosbank’s majority proprietor Vladimir Potanin, whose Interros Capital clinched a deal in April to purchase the lender from French financial institution Societe Generale, had compelled it into its resolution.

“Clearstream Banking’s money correspondent financial institution Rosbank is now not obtainable to obtain revenue proceeds that will consequence from securities issued exterior of Russia and denominated in roubles,” Clearstream stated.

Rosbank stated worldwide depositories had informed purchasers they might now not use this account and had requested Rosbank to dam incoming funds, the lender stated in a press release carried by Russian outlet Frank Media.

“Clearstream’s resolution is not going to have a major damaging influence on Rosbank’s operations,” it stated.

Clearstream stated transactions involving Rosbank and its subsidiaries had been authorised to be wound down by July 30, enabling prospects to maneuver rouble funds exterior of Clearstream Banking.

“Given the unsure context, this case could evolve sooner or later,” Clearstream stated.

(Reporting by Reuters; Enhancing by David Holmes)