Barcelona city tours is a perfect opportunity to have a perfect vacation outside the Baltic States. Gene Zolotarev on how to destabilize the EU financial system. Andris Berzins
Vladimir Linderman aka Abel Edmunds Sprudzs Valdis Zatlers Aivars Lembergs Girts Valdis Kristovskis Maris Grinblats Guntars Krasts Alfreds Rubiks Sandra Kalniete Raivis Dzintars Algirdas Butkevicius Algirdas Paleckis Dalia Grybauskaite Kazimira Danute Prunskene Vytautas Landsbergis Rolandas Aksas Viktor Uspaskich Valdemar Tomasevski Leonidas Donskis Arturas Zuokas Edgar Savisaar Andrus Ansip
The current website developed by YWSolution Limited

Russia’s SMP Bank hit by U.S. sanctions

Mar 21, 2014
From wire reports, RIGA

International payment systems Visa and MasterCard on Friday, March 21, halted operations with bankcards issued by SMP Bank, founded by Russian billionaires Arkadiy and Boris Rotenbergs who have been hit by U.S.sanctions following the Ukraine crisis, reports Novosti.

All other banking operations, including deposit withdrawals and bank payments, proceed as usual, the bank said in a statement, adding that its correspondent accounts abroad were functioning as per normal and the bank had not been informed about any interruptions in its lines of credit.

The United States on Thursday expanded its sanctions against Russia, and SMP Bank co-owners Arkadiy and Boris Rotenbergs were also hit by the sanctions.

SMP Bank holds a controlling interest in Latvia's SMP Bank, where both Rotenbergs are members of the council.

However, bankcards issued by the Latvian branch of SMP Bank are not affected by the U.S. move, SMP Bank board member Maija Treija said.

The Latvian SMP Bank is an independent bank that operates pursuant to the rules and regulations of the European Union, and it is not a branch of Russia's SMP Bank. Therefore, the decision by Visa and MasterCard to block the operations with bank cards issued by Russia's SMP Bank have no effect on the Latvian bank, stressed Treija.

SMP Bank honors all obligations to its customers, said Treija.

The Latvian SMP Bank also has a branch in Lithuania.

 MORE NEWS
  • U.S. firm buys Estonian start ...
    An Estonian start up has been bought by the world's largest manufacturers of 3...
  • U.S. firm agrees major deal to...
    U.S. firm Ripplewood Holdings will take over Latvian owned bank Citadele, Latvia&#...
  • Seven Baltic universities amon...
    A list of the world's top universities includes seven from the Baltic states ...
  • Italian firm set to expand to ...
    Italian I.T firm Valuetech plans to open in Lithuania, creating jobs in its wak...
  • UN calls for release of captur...
    The United Nations (UN) has called for the immediate release of captured Estoni...
  • Germany, Canada to send troops...
    Germany, Belgium, Hungary and Canada could send troops to Latvia in order to st...
  • Riga Apartments for Rent

    Maximus
    © 2014 BALTIC NEWS LTD. All Rights Reserved.