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US Permission Is Requested By Russia’s Sanctioned Sovcombank To Make UN Climate Payments

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Robert Shonov, Former Employee Of US Consulate Is Accused Of Giving Classified Russian Information To US Diplomats Photo From: War On The Rocks

While its operations are prohibited by U.S. sanctions, Russian private lender Sovcombank has asked to the U.S. Treasury for permission to make membership payments to a United Nations climate funding program, a top bank executive told Reuters.

Special Military Operation

One of the 13 recognized “systemically important” banks in Russia, Sovcombank, was sanctioned by the United States, the United Kingdom, and the European Union shortly after Russia initiated what it claims to be a “special military operation” in Ukraine in February 2022.

By adding Sovcombank on its Specially Designated Nationals (SDN) list, the Treasury’s Office of Foreign Assets Control (OFAC) essentially forced the bank out of the American financial system by outlawing trading with the country and freezing its assets there.

Head of Sovcombank’s corporate and investment banking division Mikhail Avtukhov said, “We have applied to OFAC with a request to issue a licence so that our payments are accepted,” outside a financial symposium in Moscow.

“We have funds in foreign currency for these payments, but we have not received any response from them yet, unfortunately.”

The US Treasury Chose Not To Respond

Sovcombank

(Photo: The Spokesman-Review)

According to Avtukhov, Sovcombank was discussing the issue with the UN. When asked for comment, the UN did not answer right away.

Avtukhov, who is a board member of Sovcombank, stated, “We have not suspended our membership in international organizations.” “We continue working with them, despite all the difficulties that arose last year.”

“The bank has not put a halt to any UN-related projects. For Russian participants in this scheme, there are generally some challenges with payment,” Avtukhov stated. “But the UN treats this with understanding.”

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