One of the largest Turkish banks DenizBank has significantly tightened the conditions for opening accounts for Russian nationals since the beginning of 2024 and has practically stopped approving such applications, RBC business portal reports citing two intermediaries who help Russian citizens get cards in Turkish banks.
As followed by bne IntelliNews, the US has stepped up the pressure of secondary sanctions on the banking systems of Russian main trading partners, which appeared to influence the trade dynamics in the beginning of 2024, including trade with Turkey.
DenizBank used to be owned by Russia's largest lender state-controlled Sber (Sberbank) that sold Deniz prior to Russia's full-scale military invasion of Ukraine.
Sources surveyed by Kommersant claim that DenizBank “has practically stopped” opening accounts for Russian citizens since the beginning of 2024, approving only one out of ten applications. It is impossible to open an account even with a residence permit and a confirmed address in Turkey.
The bank reportedly makes exceptions only for clients with large deposits of $100,000 and more.
Related Articles
Russian state VTB Bank to divest non-core assets
Russia’s second-largest bank state-controlled VTB plans to divest non-core assets unrelated to banking operations within the next five years, according to Interfax citing the bank's CEO, ... more
Russian Bank Saint Petersburg to pay over 50% of profit in dividends
Russian Bank Saint Petersburg (BSPB) announced paying RUB29.72 dividend per share for 2H24, implying full-year payout of RUB56.98 per share, according to Renaissance Capital citing supervisory board ... more
Russian T-Technologies banking group posts 30% ROE in 2024
Net IFRS profit of Russian T-Technologies (former TCS) banking group reached RUB38.7bn ($518mn) in 4Q24, making RUB122.2bn ($1.63bn) in profit for full-year 2024 and a return on equity (ROE) of ... more
Most Read
-
Indonesia expands military role in government, protesters clash with police in Jakarta
30 days ago
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
30 days ago
-
US sets six conditions for Iran talks in Trump letter to Supreme Leader
29 days ago
-
Putin tells Russia's oligarchs that the return of Western business will not be easy or cheap
1 month ago
-
Korean opposition to push for impeachment motion against acting president
30 days ago