Russia’s third largest bank moves money from Europe to Moscow for safe keeping

Wednesday, May 14, 2014
By Paul Martin

RT.com
May 13, 2014

Gazprombank transferred client funds from Belgium and Luxembourg back to home turf, to protect against any future sanctions.

The securities were moved from Euroclear Bank (Brussels) and Clearstream Banking (Luxembourg) to the Russian Central Depository at the end of April.

The move is intended to protect customers from any forthcoming sanctions and prevent a situation where clients’ funds are frozen, the statement on the website said.

“The transfer was done to prevent possible restrictions on transactions of customers’ assets that are kept in international deposits and settlement systems,” it stated. In preparation for sanctions, in March, the bank moved nearly $7 billion to Russia’s Central Bank for safe keeping.

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