Western sanctions against Russia’s banks will not affect Armenian banks with Russian capital

18.04.2014 17:39
Western sanctions against Russia’s banks will not affect Armenian banks with Russian capital

YEREVAN, April 18. / ARKA /. Western sanctions against Russia’s banks will not affect Armenian banks with Russian capital, said Andranik Grigoryan, head of a Central Bank department in charge of stability and financial system development.

He explained that foreign banks in Armenia are not branches, but subsidiaries of foreign banks, which are subject to prudential regulation rules enforced in Armenia.

He said therefore Western sanctions can in no way affect Armenia-based banks, because they are registered and licensed in Armenia.

The EU and USA have so far imposed visa bans, asset freezes on tens of Russian figures and several banks because of Russia’s behaviour in Ukraine. They have also warned Russia of tougher sanctions in case of further destabilization of the situation in Ukraine.

Russia’s foreign ministry retaliated by saying that use of language of sanctions in dealing with Russia was inappropriate and counterproductive. -0 -


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