Tinkoff suspends outgoing SWIFT transfers

Thursday 7 July 2022 09:19 CET | News

Russian online bank Tinkoff has suspended outgoing SWIFT transfers in foreign currencies until October 2022, after it had struggled with such transactions due to restrictions on Russia's banks.

Some Russian lenders have started charging fees for accounts in USD and EUR as the sanctions-hit sector grapples with its new reality since Moscow sent troops into Ukraine in February 2022. Tinkoff has introduced a commission on incoming SWIFT transfers.

The lender has not been directly targeted with sanctions, but major Russian banks have been cut off from SWIFT, the messaging system underpinning global financial transactions, transfers which Tinkoff said were 95% dependent on Western payment infrastructure.

Tinkoff said it would donate all the money it has received from commissions and fees on foreign currency accounts and transfers to charity.

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Keywords: SWIFT, regulation, financial sanctions, Russia Ukraine War
Categories: Banking & Fintech
Companies: SWIFT, Tinkoff
Countries: Russian Federation
This article is part of category

Banking & Fintech




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