Received the status of a defense bank, Promsvyazbank (PSB) is preparing to work under the sanctions. According to one of the possible scenarios, the dollar accounts of the clients of the organization will be converted into rubles on a voluntary basis.
Prior to the financial recovery, PSB made a significant emphasis on the development of international business in terms of the number of Rosexport financing transactions under EXIAR insurance.
USD to RUB
Due to the work with defense orders, the PSB is automatically included in the candidates for entry into the sanctions list. True, this state of affairs will hit the States themselves very noticeably.
A special institute is being created to protect the work of the largest credit institutions in Russia, which risk being included in the "forbidden" lists of the States due to cooperation with the state defense complex.
The bank on the list is threatened with blocking all assets placed in financial institutions of the United States, freezing all accounts and securities. As a result, settlements in dollars will become impossible.
PSB has accounts in five US and four European banks. Those already on the lists can carry out only internal transactions and then only in cash dollars. At the same time, currency is not issued to legal entities.
The institution will make the conversion at its own rate. The unilateral change of the currency account to the ruble bank is not entitled to carry out. However, thanks to such an operation on a dollar loan, the client does not face default.
The money blocked on the correspondent account of the organization can be returned if the bank is nevertheless included in the lists. It is also possible to unblock the account, but it will take a lot of time. Requires approval from America's financial institution.
Preparation has already begun
The prospect of conversion can be a significant risk for PSB clients. If dollar accounts are opened due to the receipt of proceeds in this currency, then the conversion will negatively affect the work.
It is likely that the legal entity will have to move to another bank. If the account does not have a link to the receipt of currency, then the client can transfer it on terms of conversion.
It is extremely difficult for the old client base to accept the institution's transition to work with the defense sector. Therefore, there is a noticeable decrease in the volume of business with current customers.
At the same time, the sanctions risks will increase. One of the topical issues is the continuation of servicing dollar deposits. After the introduction of a ban on working with currency, operations on dollar deposits will be impossible.
To prevent the risk, the bank is studying the option of including in the agreement the terms on transferring the deposit in rubles for all payments.
A subdivision has been created to study the issue of working in new conditions. On the basis of the organization, it is planned to create a reference bank. He will be engaged in servicing the state defense order and large state contracts.
Getting into the sanctions list threatens a credit institution with the loss of international business. Any foreign counterparty will not be able to conduct banking operations due to fears of sanctions for continuing cooperation despite the ban.
