Russia’s Tinkoff bank to suspend trading in euros from Feb 27

(Reuters) – Russian online bank Tinkoff, run by TCS Group Holding, said on Sunday it would suspend trading in euros from Monday following the imposition of a further set of European Union sanctions.

The EU agreed a 10th round of punitive measures late on Friday to punish Russia for invading Ukraine. The package includes cutting off more banks, among them Tinkoff and the private Alfa-Bank, from the SWIFT global payments system.

“Withdrawals in euros will be available. Euro trading will be suspended from Feb. 27, 2023,” Tinkoff said in a statement, adding that trading in other currencies would not be affected.

In a separate statement, Tinkoff said it had prepared counter-measures to the sanctions which would allow a transfer of assets to a new non-sanctioned company within three weeks.

Tinkoff Bank was set up by entrepreneur Oleg Tinkov, who has become an outspoken critic of President Vladimir Putin and Russia’s invasion of Ukraine. Tinkov said last November he had renounced his Russian citizenship over the war in Ukraine.

Tinkoff was forced to sell his 35% stake in the bank’s parent, TCS, to Russian metals magnate Vladimir Potanin last April, following a string of anti-war comments.