How the imposition of sanctions against large banks will affect their customers

The main restrictions will affect customers of banks that fall under US blocking sanctions . They are related to the transfer of currency and the use of cards abroad. RBC explains,

Large Russian banks have come under US sanctions, which is why their customer service is now partially limited. RBC recalls the new rules for obtaining banking services.

What sanctions did the US impose?

VTB, Otkritie, Sovcombank, Promsvyazbank and Novikombank fell under the toughest blocking sanctions. For them, this means blocking all assets and accounts of credit organizations in US dollars and effectively isolating them from the dollar system. Sberbank has been added to the CAPTA list, which implies restrictions on correspondent accounts in the US. Sectoral sanctions have been introduced against Gazprombank, RSHB, Alfa-Bank and Moscow Credit Bank. This means restrictions on the provision of financing and other transactions with new debt with a maturity of more than 14 days, as well as with the placement of new shares.

How will online banking work?

After the introduction of US blocking sanctions, Apple removed Promsvyazbank applications from its store. However, the PSB app previously installed on the iPhone will continue to work, but will not be updated. The PSB banking application is also not available in the Google Play store. Applications of other banks that fell under blocking sanctions have not yet disappeared from the AppStore and Google Play. Unlike the iPhone, programs can be downloaded to Android smartphones directly, and not from the store - PSB has already offered to do this on its website.

Removing the banking application does not mean closing access to online banking. To continue conducting them on the Internet, customers can use the account on the official website of the bank. In this case, you need to pay attention to the authenticity of the site, so as not to become victims of intruders. RBC wrote in detail about the sites of large banks faked by scammers here.