Three major Japanese banks halt all dollar transactions with Russia’s largest bank

Japan media reported that three major Japanese banking groups, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, have decided to halt all dollar transactions with Russia’s largest bank, Sberbank from March 26. The three banks will seek alternative means to settle dollar transactions with the Russian bank.

According to the officials of the three banks, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho have decided to conduct similar policies in Japan following the U.S. government’s decision to suspend dollar transactions, such as interbank settlements and transfers, with Sberbank and its 25 subsidiaries from March 26, American time, and Mitsubishi UFJ’s sanctions will cover all foreign currency transactions except for the Japanese yen. Currently, the three banking groups have suspended dollar transactions with VTB Bank, the second-largest bank in Russia, and several other Russian financial institutions.

These financial institutions have all been excluded from multiple international financial payment and settlement systems.

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Translated by: MOS Translation Team – Henry W
Design&editor: HBamboo(昆仑竹)

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