© Reuters. FILE PHOTO: A man walks past the logo of Gazprombank during the Saint Petersburg international gas forum in Saint Petersburg, Russia September 15, 2022. REUTERS/Anton Vaganov
ZURICH (Reuters) – Russia’s Gazprombank has decided to cease operating in Switzerland after “a strategic review of various options”, it said on Monday.
The bank had been one of the last remaining channels for financing trade flows between Russia and Switzerland because other major Russian banks are subject to sanctions over Russia’s invasion of Ukraine.
“The decision is the result of an in-depth strategy analysis and is being taken in close consultation with the Swiss Financial Market Supervisory Authority,” Gazprombank’s board chairman, Ivan Dun, said in a statement.
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