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Russia: US sanctions hit Russian banks and shipbuilding corp00:48

Russia: US sanctions hit Russian banks and shipbuilding corp

Russian Federation, Moscow
July 30, 2014 at 07:34 GMT -00:00 · Published

Russia's second-largest lender VTB bank, Bank of Moscow, Russian Agriculture Bank (Rosselkhozbank) and United Shipbuilding Corporation resumed business as usual in Moscow on Wednesday, despite their inclusion in the USA's new round of sanctions against Russia which were announced by President Barack Obama on Tuesday.

The sanctions on the three banks prohibit U.S. citizens or companies from dealing with debt carrying maturities of over 90 days, or with new equity. Sanctions also freeze assets that Russia's largest shipbuilding company holds in the United States and bans US companies from dealing with the company.

The European Union also announced that it had agreed on "Phase 3" sanctions against Russia yesterday which will cut off Russian state-owned banks from accessing European capital markets. The full list of restrictions imposed by the EU is set to be announced on Thursday.

Russia: US sanctions hit Russian banks and shipbuilding corp00:48
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Description

Russia's second-largest lender VTB bank, Bank of Moscow, Russian Agriculture Bank (Rosselkhozbank) and United Shipbuilding Corporation resumed business as usual in Moscow on Wednesday, despite their inclusion in the USA's new round of sanctions against Russia which were announced by President Barack Obama on Tuesday.

The sanctions on the three banks prohibit U.S. citizens or companies from dealing with debt carrying maturities of over 90 days, or with new equity. Sanctions also freeze assets that Russia's largest shipbuilding company holds in the United States and bans US companies from dealing with the company.

The European Union also announced that it had agreed on "Phase 3" sanctions against Russia yesterday which will cut off Russian state-owned banks from accessing European capital markets. The full list of restrictions imposed by the EU is set to be announced on Thursday.

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