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Russia Said to Keep Sanctioned Lenders Off Long-Term Dollars

  • Sberbank, VTB, Gazprombank among lenders affected by move
  • Officials in Moscow seek to shield state funds from sanctions
Updated on

Russian banks are finding little help at home from the toughest sanctions imposed against their country since the Soviet era as officials seek to avoid cash moving through foreign markets being seized.

The central bank and the Finance Ministry have curbed the access of the nation’s biggest banks to dollars in line with restrictions levied by the U.S. and the European Union, according to three officials and a bank executive with knowledge of the matter. As a result, VTB Group, Sberbank PJSC and other penalized lenders have been kept away from the central bank’s 12-month foreign-currency facility, an emergency measure designed to help with external debt payments, the people said, asking not to be identified because the measure, introduced in December, was never made public.