HSBC to halt corporate remittances to and from Russia, Belarus

HSBC Group will halt remittance services to and from Russia and Belarus for its corporate clients next month, Report informs referring to Nikkei Asia.

The British financial services group, which includes Hang Seng Bank in Hong Kong, sent letters in the past month notifying business customers that it would no longer process commercial payments starting October 27 in the face of an "increasingly complex regulatory landscape."

The purpose of such a decision was to minimize operational exposure to risks in Russia and Belarus, even in those areas where money transfers are permitted in accordance with applicable law.