Japanese banks refuse to finance Russia

Major Japanese banks - Sumitomo Mitsui Banking Corporation (SMBC) and Bank of Tokyo - Mitsubishi UFJ (BTMU) reduce business on Russia because of Western sanctions. "Japanese people are more cautious than the rest", - said Moscow banker.

So, SMBC at the last minute refused to deal on export financing for the company's richest citizen of Russian Alisher Usmanov metalloinvest. The deal was announced in late March, a few days after the annexation of the Crimea Russia. In addition, the bank also froze lines of credit for the company of another Russian oligarch Gennady Timchenko, Gunvor. Note Timchenko has been on the US sanctions list. According to knowledgeable people, Gunvor is still in talks with SMBC. BTMU also refused to participate in the transaction on pre-export financing of Tenex, which is engaged in the export of uranium, according Rupor. (Collapse)

According to a top manager of one of the Japanese banks, such decisions are dictated not by politicians from Tokyo, and reluctance to be embroiled in a conflict related to Ukraine. "They (the head of the financial institutions - Ed.) Did not want to be associated with something illegal," - indicates the banker.

Thus, ever more clearly manifested anxiety experienced by foreign banks in the Russian market. Financial institutions in other countries are also frozen credit lines for Russian business. Since March, companies such as Uralkali, NLMK and Sibur can not wait to enter into financial transactions.

The sanctions have felt at not only businessmen and officials from the sanctions list, but the Russian market as a whole. Accommodation bonds business in the domestic and foreign market fell by 74% to $ 9, 1 billion.
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