Sanctioned Russian Banks’ Units Can Get ECB Financing: EU

The euro-area units of two Russian lenders targeted by a fresh round of European Union sanctions can maintain access to European Central Bank funding as long as they don’t channel the funds back home.

The subsidiaries of OAO Sberbank and VTB Group continue to have access to ECB funding should they need it, an EU official said today in response to e-mailed questions. Using newly issued shares or bonds of the targeted institutions as collateral for obtaining financing from EU persons or entities is not allowed, the official said on condition of anonymity, citing policy.