Tinkoff Investments will suspend trading in the euro after EU sanctions

On trading in other currencies, including the DOLLAR, as well as their withdrawal by clients of the sanctionsThe EU does not affectbroker said

Tinkoff Investments will suspend trading in euros from February 27, the broker said on his TELEGRAM channel.

“Euro withdrawals will be available. Euro trading will be suspended from 02/27/2023. Euros have been excluded from the list of liquid instruments," the statement said.

The broker also pointed out that the EU sanctions do not affect trading in other currencies, including the dollar, as well as their withdrawal by clients.

Tinkoff Investments will suspend trading in foreign securities Investments

The report says that Tinkoff Investments will withdraw the assets of clients to another, non-sanctioned company. “In order to avoid the risk of blocking, as well as to take all necessary actions for the transfer, we are temporarily suspending trading in foreign securities. Within 1-3 weeks, we plan to launch trading,” the broker said.

Tinkoff Bank for the first time came under Western sanctions. What is important to know Finance

Tinkoff Bank at the end of February came under EU sanctions. The introduction of restrictive measures in Brussels was explained by the fact that the bank is a backbone credit institution participating in sectors of the economy that “provide a significant source of income for the government” of RUSSIA. The tenth package of EU sanctions also included Alfa-Bank and Rosbank. Since last year, restrictive measures have been in place against the largest Russian banks, including Sberbank and VTB.

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Blocking EU sanctions mean freezing assets in European jurisdiction and a ban on transactions with the euro. Structures from the European Union cannot do business with those on the sanctions list, which, among other things, leads to disconnection from the international financial messaging system (SWIFT, sub-sanctioned Sberbank, VTB, Promsvyazbank, Otkritie and others were disconnected last spring).

Russia has repeatedly called Western sanctions illegitimate and illegal because they were adopted without the approval of the UN Security Council.

Tinkoff Bank, after the imposition of EU sanctions, said that it had prepared for such a scenario and worked for several months to ensure that its services continued to function as usual, regardless of external circumstances.

According to data as of July 2022, the number of Tinkoff Investments clients exceeds 11 million people. Tinkoff Bank is the main asset of TCS Group, 35% of which is owned by Vladimir Potanin's Interros, about 60% of the shares are in free float, 6.5% are owned by management.