The United States has imposed blocking sanctions against the South Ossetian Bank for International Settlements and Timer Bank, whose branches operate in Tatarstan. The sanctions are reported on the US Treasury website. Stroytrend LLC and TsMRBank LLC Vice President Dmitry Nikulin were also subject to restrictions.
The Bank for International Settlements (ISB) is a credit institution that has been operating in the financial services market of the Republic of South Ossetia since 2015, according to the bank’s website. Last summer, the EU also imposed sanctions against the South Ossetian bank. The European sanctions involve asset freezes. As the EU explains, the MRB has opened offices in the Kherson and Zaporozhye regions, and also “provides a number of banking services under the control of the Bank of Russia.” In addition, it should be noted that the bank has installed ATMs in the region and also has a branch in Luhansk. According to the website, the MRB also has branches in Donetsk.
MRB operates under a license from the National Bank of the Republic of South Ossetia. According to the Bank of Russia’s order of February 13, 2023, MRB cannot collect money from clients in an amount exceeding their balances at the end of the day on which the order was issued.
Timer Bank has been operating on the Russian market for over 30 years. In 2018, a subsidiary of the Rostec state corporation, RFK-Bank JSC, bought 99.9% of Timer Bank shares, which previously belonged to the structure. Roberta Musina. Now the head office of Timer Bank is located in Moscow, but all its branches are located in Tatarstan.
