TradeXBank, the successor to Russia’s Sberbank, has received permission to resume operations in US dollars after being removed from the sanctions list by the US Treasury Department’s Office of Foreign Assets Control (Ofac). This decision comes after Sberbank (Schweiz) AG, a subsidiary of Sberbank in Switzerland, was placed on the sanctions list for Russia following the attack on Ukraine in February 2022.
Sberbank was a major player in trading raw materials such as energy, agricultural products, fertilizers, and metals. Its removal from the sanctions list allowed it to resume active business operations in these areas. However, some US sanctions remained in place, preventing the bank from conducting transactions in US dollars. This restriction forced the bank to operate solely in euros and Swiss francs.
After a lengthy process to prove its disassociation from the Russian parent bank, TradeXBank has successfully been removed from the sanctions list. The bank can now resume active business operations in US dollars, which is expected to result in significant growth opportunities for the institution. Under the supervision of the Swiss Financial Market Supervisory Authority (Finma), TradeXBank was sold to a Geneva-based investment company after the US imposed sanctions on its predecessor. Since then, it has been operating under
