TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
TradeXBank specialises in commodity trade finance in the fields of energy, agricultural products, fertilisers and metals.
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TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year following resolution with the Office of US Foreign Assets Control (OFAC), a US Treasury agency.
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This move follows the removal of TradeXBank’s predecessor, Sberbank (Switzerland) AG, from an OFAC sanctions list, the bank said in a statement on Monday.
TradeXBank stressed this step “recognises the bank’s Swiss ownership structure and its efforts undertaken to apply recognised industry standards to apply highest compliance standards”.
“This is an important milestone and puts to bed the final legacy issue from TradeXBank’s predecessor,” said Christian Lüscher, chair of the board of directors, said in the statement.
The Swiss branch of Russia’s Sberbank was sold in 2022 to the Geneva-based m3 Groupe Holding company, owned by Abdallah Chatila, freeing the bank from intensive supervision by Swiss financial regulator.
As the new Geneva-based owner became the main shareholder, the bank was automatically released from its sanctions.
Based in Zurich and employing more than 50 people, TradeXBank specialises in commodity trade finance in the fields of energy, agricultural products, fertilisers and metals.
Adapted from French by DeepL/sb
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