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HSBC to halt corporate remittances to and from Russia

Move aimed at limiting 'operational exposure' to country after Ukraine invasion

HSBC cited an "increasingly complex regulatory landscape" in its decision to halt corporate payments to and from Russia.    © Reuters

HONG KONG -- HSBC Group will halt remittance services to and from Russia and Belarus for its corporate clients next month as financial institutions respond to Western sanctions over the Ukraine war, Nikkei Asia has learned.

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 Oct. 27 in the face of an "increasingly complex regulatory landscape."

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