Update from SVB: Russia-Ukraine War

  • 2. März 2022

In response to Russia’s invasion of Ukraine and continued aggression, a series of severe economic and diplomatic sanctions have been placed on Russia and Belarus. SVB does not have a physical presence in Ukraine or Russia. SVB’s Sanctions Compliance team is working to ensure SVB is in full compliance with new broad restrictions on financial activities with Russia, Belarus and Ukraine. Please note that the situation is highly dynamic, and changes to this guidance may be implemented at any time.  

It is strongly recommended that all clients conduct full due diligence for intended beneficiaries and their banks prior to executing transactions to Russia, Ukraine, or Belarus, as inclusion on the sanctions list will result in difficulties settling transactions. Reversal of any unsettled currency transactions may incur a significant loss to clients if there is an unfavorable move in exchange rates. 

We encourage clients to consult with their legal counsel or compliance teams on these issues. One source for research on sanctioned parties is OFAC’s Sanctions Search List https://sanctionssearch.ofac.treas.gov/ (please note that this source is fluid and not comprehensive).  

If you have any questions, please contact your FX sales representative, or call our FX Trading Desk on US – 888 313 4029 or UK - 0800 023 1440. Alternatively, please contact our client service teams. For US clients: clientsupport@svb.com +1800 774 7390. For UK clients ukclientservice@svb.com 0800 023 1441 (+442073677881 if calling from outside the UK). 

Our thoughts for safety and well-being go out to those in harm’s way, and we hope for a quick end to hostilities and for a return to peace in the region.  

 

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