Defense Bank clarifies impact of US sanctions on card transactions

Promsvyazbank: US sanctions impose restrictions only on card transactions abroad

Visa and Mastercard cards issued by Promsvyazbank will continue to work in Russia, PSB said. However, sanctions impose restrictions on foreign currency transactions and the use of cards in Western countries.

Promsvyazbank, which was included in the US SDN sanctions list on the evening of February 22, called this decision expected.

“Necessary measures were prepared in advance and carried out by the bank in working order. Sanctions do not have a significant impact on the activities of the PSB,” — says in a bank statement. It “works as usual and continues its activities in all directions”

“Operations for replenishment and withdrawal of funds from the bank’s cards are carried out in the offices and ATMs of PSB with cash acceptance functions. PSB cards, including foreign payment systems Visa and MasterCard, work in POS-terminals and ATMs throughout Russia,” the PSB says. Deposits, loans and settlement transactions are also serviced.

US President Joe Biden, among the sanctions imposed on Russia due to the situation in Ukraine, announced blocking restrictions on PSB and the state corporation VEB.RF. In the new sanctions list, which published The US Department of the Treasury, there are both organizations themselves and their “daughters”. In the case of PSB, these are, in particular, the Promsvyaz management company and PSB Innovations and Investments LLC (the bank has the PSB Investments application). In addition, from information on the PSB website it follows that, as of February 9, it still offered dollar deposits, although with a minimum yield (0-0.01%).