Putin approves sale of HSBC's Russian subsidiary
Russian President Vladimir Putin has approved the sale of HSBC's Russian subsidiary to Expobank.
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According to a decree signed by Russian President Vladimir Putin, the Russian private commercial bank Expobank will acquire full ownership of HSBC's subsidiary in Russia.
In August 2022, Russia banned investors from "unfriendly" countries from trading shares in strategic companies.
Following this ban, such transactions can only be carried out with Putin's permission. The US added Expobank to its sanctions list in December 2023.