RBS puts restrictions on Russian lending
Royal Bank of Scotland (RBS) said on Friday that it placed restrictions on its lending in Russia after the country was hit with further sanctions.
The European Union (EU) has cut off financing for five of Russia's biggest banks over Moscow's intervention in Ukraine.
European investors will be forbidden from buying equity or bonds with a maturity longer than 90 days issued by banks including Gazprombank, Vnesheconombank and Rosselkhozbank after 1 August.
In response, RBS said it had reviewed credit ratings, adjusted lending limits and placed additional credit restrictions on new business in Russia.
The bank reduced lending in Russia during the first half of the year by £100m to £1.8bn.
Russia has been accused of supporting rebels with their insurgence in Ukraine, a claim which Moscow denies.
RD