TradeXBank, the successor bank of Russia’s Sberbank, has received permission to resume operations in US dollars, as announced by the US Treasury Department’s Office of Foreign Assets Control (Ofac). This decision comes after Ofac removed TradeXBank’s predecessor, Sberbank (Schweiz) AG, from its sanctions list for Russia.
Following the Russian attack on Ukraine in February 2022, Sberbank was placed on this list, which also affected its subsidiary bank in Switzerland. Under the supervision of the Swiss Financial Market Supervisory Authority (Finma), the Swiss bank was sold to a Geneva-based investment company, m3 Groupe Holding SA. Since then, the resized bank has been operating under the name TradeXBank, serving medium-sized companies in Europe, the Middle East and Africa.
Despite the sale of Sberbank (Schweiz) AG to m3 Groupe Holding SA and disassociation with its Russian parent bank
