British-Hong Kong banking group HSBC Holdings plc has announced that it will no longer process payments from Russia and Belarus, urging clients to seek alternative ways to transfer funds. This was reported on the bank's official website, clarifying that payments may be rejected and funds returned.
Similar notifications were posted not only on the British website, but also on the bank's websites in Singapore and Taiwan.
This decision is a continuation of HSBC's withdrawal from the Russian market. In May 2024, the bank completed the sale of its business in Russia, which was a response to international sanctions imposed after the start of the Russian-Ukrainian conflict. Sanctions, as well as the recent strengthening of US sanctions against Russian financial institutions such as Gazprombank, have been important factors influencing the bank's decision. HSBC, according to Reuters, is under special scrutiny from US authorities, given the large fines it has paid for violations in money laundering controls in Mexico.
HSBC, one of the world's largest lenders, completed the sale of its retail business in Russia in May 2024. The deal was approved by the President of the Russian Federation and resulted in a loss of $0.1 billion for the bank. The deal with the Russian "HSBC Bank", which was renamed "Khvoya Bank", took place with a record discount for the Russian market. In the first half of 2024, HSBC also sold its business in France and Canada and announced its withdrawal from the Argentine market.
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