On Tuesday, the United States imposed sanctions on Russia’s Expobank, the intended purchaser of HSBC’s local unit, potentially complicating the British lender’s exit from Russia. The U.S. Treasury, under its Office of Foreign Assets Control (OFAC), cited Expobank’s operation in the Russian financial services sector, imposing sanctions as part of efforts to restrict Russia’s ties to the global financial system. HSBC had announced in June 2022 that it agreed to sell its entire stake in HSBC Bank (RR) LLC to Expobank, but Moscow’s increasing restrictions on foreign asset sales, requiring President Putin’s approval, has slowed the process. The impact of Expobank sanctions on HSBC’s exit plans remains uncertain. Expobank stated that the sanctions would not affect its operations, having prepared for such measures. HSBC had already incurred a $300 million loss on the anticipated sale, and the situation highlights the challenges Western banks face in disengaging from Russia amid Moscow’s demands for substantial discounts on foreign asset sales. Italian lender Intesa Sanpaolo secured approval for its Russian deal, while HSBC is still awaiting clearance, which may be further complicated by the recent sanctions on Expobank.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}