Ukraine war and ABN AMRO
- United Kingdom
Martyn Kember-Smith
Marketing and Communications Officer
The impact of the invasion of Ukraine by Russia is felt around the world, first by the citizens of Ukraine and their loved ones abroad, and in the global economy. At ABN AMRO, our thoughts go out to all innocent civilians affected by the war. ABN AMRO has been closely monitoring the situation and will continue to do so.
The European Union has condemned Russia’s unjustified attack and issued strict sanctions against Russia. The sanctions that have already been issued have been immediately processed in the transaction systems of the bank. We are awaiting the publication of further sanctions by the EU, as are all other Dutch banks. They will be implemented as soon as they are known. We have standard procedures in place for this.
Clients who have business in the region or want to do transactions with parties there are advised to closely monitor official announcements regarding sanctions. The bank will implement new sanctions immediately after they become public. ABN AMRO’s own direct exposure to the region is very limited.
On Sunday 27 February 2022, EU Commission President Ursula von der Leyen announced that certain Russian banks would be disconnected from the Swift network. At this moment, an official instruction has not been published. Given current uncertainties ABN AMRO cannot at this point in time provide guarantee that payment orders made to Russia, Belarus or Ukraine will be transferred in due time or at all.
There is a high and elevated threat level for cybercrime incidents motivated by the geopolitical situation. Within ABN AMRO, various measures are being taken to mitigate any risks. At the same time all banks and, where necessary, the government are sharing information about possible threats. In addition, we have made staff aware of the precautionary actions they can take, and advise clients to be extra vigilant about phishing or other forms of cybercrime.