Mittelstand:Support Sanktionen

The current situation

In the conflict between Russia and Ukraine, the worst fears have been realised: following weeks of escalating border activity, war has now broken out. The fact that Russia is attacking a sovereign European nation is deeply worrying to all of us. We are firmly committed to our clients, even – and especially – in this complex situation.

The European Union, the United States, Canada, Japan, the United Kingdom, Australia, and other countries have adopted various packages of sanctions as a reaction to the military operations of Russia’s forces in Ukraine. Commerzbank will fully comply with any sanctions-related provisions applicable to its business activities.

Updated: 4 March 2022; 14:00 CET – we will provide ongoing updates.

Sanctions

EU restrictive measures against Russia over Ukraine (since 2014) - Consilium (europa.eu)

Which regions are affected by the sanctions?

The EU, the US and the United Kingdom have joined forces with further countries and imposed sanctions against Russia and the occupied territories in Ukraine. These sanctions are directed at financial institutions as well as natural persons and legal entities. The EU has also imposed sanctions against Belarus, which are directed at natural persons and include both economic sanctions and additional trade restrictions.

Updated: 3 March 2022

Which banks have been excluded from the SWIFT banking system?

The president of the Russian Federation issued another decree on 5 March 2022 which aims at protecting Russian contracting parties, allowing them to pay foreign currency debts relating to financial instruments or loans owed to foreign creditors (a list with the countries has yet to be published) in roubles (RUB), even if the payment obligation is denominated in EUR, USD or other currencies. To settle such RUB payments, debtors can open a special type of rouble account with Russian banks (including Russian subsidiaries of foreign banks) on behalf of the creditors. Important details on how these new provisions will be designed are still pending.

Updated: 5 March 2022

Has Russia already imposed countermeasures?

The Russian Federation has announced several measures, and implemented some of them. For example, foreign exchange and securities trading has been restricted, as has the export of foreign currency. The Russian measures adopted also affect banks and, for example, their ability to grant credit lines, in roubles and other currencies. The Kremlin has also announced further actions regarding the export of steel and metal raw materials as well as the delivery of rocket engines. Moreover, airlines from more than 36 countries have been banned from operating flights to or via Russia.

How will the Russian presidential decree dated 5 March 2022 affect businesses?

The president of the Russian Federation issued another decree on 5 March 2022 which aims at protecting Russian contracting parties, allowing them to pay foreign currency debts relating to financial instruments or loans owed to foreign creditors (a list with the countries has yet to be published) in roubles (RUB), even if the payment obligation is denominated in EUR, USD or other currencies. To settle such RUB payments, debtors can open a special type of rouble account with Russian banks (including Russian subsidiaries of foreign banks) on behalf of the creditors. Important details on how these new provisions will be designed are still pending.