Sberbank has announced a ban on currency transfers

Sberbank has announced that currency transfers will be restricted from March 18 due to sanctions.

The bank's customers will no longer be able to transfer money to other banks in Russia and abroad in U.S. and Canadian dollars, as well as in pounds sterling, Danish and Swedish kroner, Russia's largest bank said in a statement.

The bank explained this by the fact that on March 18 sanctions restrictions on foreign exchange transactions with correspondent accounts in U.S. banks came into force, which affected interbank transfers on foreign currency accounts for the population in Russia and abroad.

At Sberbank offices, customers can transfer euros, yen, Swiss francs and Singapore dollars both within Russia and abroad. Money transfers abroad via Sberbank Online application are made only in euros.