The metal industries are the latest victims of political tensions with Russia, as bank branches in Hong Kong have refused to take payments from Russian accounts, according to Metal Bulletin.
Five Russian banks have been sanctioned by the US and EU over the past month. Although these mainly relate to brokerage services and fundraising in the EU, subsidiaries of HSBC, BNP Paribas and Standard Chartered have exercised over-caution when it comes to payments originating from Russia – a stance that will no doubt intensify following Standard Chartered’s $300m fine by US regulators yesterday for breaching compliance obligations.
To avoid raising red flags, many Russian companies have now either moved banks or requested a switch to dollar-denominated currencies. The policies have allegedly also extended to Belorussia.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The majority of the region’s 28 member states report that the situation has worsened over the past year, reports business management consultant Verisk Maplecroft.
Regulators in the UK, the US and Hong Kong instituted proceedings against more than 1,700 individuals last year, or four times the number of cases brought against companies.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.