INSIGHT: Red Alert Warns UK Banks How ‘Shadow Fleet’ Bypasses Russian Oil Sanctions - AML Intelligence

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Sanctions complicate the financial business of Russian banks. However, the largest financial institution in Russia seems to have found a way. This allows for high foreign transfers.

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The new amendments to the Law on Internal Payment Transactions, which are before the deputies of the National Assembly of the Republic of Serbia, provide for penalties for banks that close accounts and refuse to open new ones for persons under US sanctions. The penalties will range from 20,000 to 80,000 KM, ATV reports. As stated in the amendments, banks have the right to initiate the procedure for unilateral termination of the contract on a pay…