Impact on your company
Since the current situation is highly volatile, and the actions taken (such as sanctions) are constantly changing – and might have short-term implications for your business too – we are closely monitoring the developments in Russia and Ukraine. The specific impact on your company depends on how the measures evolve and, of course, your individual company situation.
Updated: 10 March 2022; 12:00 CET – we will provide ongoing updates.
General implications for payment transactions
Payment transactions with Russia are generally possible, taking into account the provisions imposed by current sanctions. However, since individual reviews might have to be performed, we cannot currently rule out delays and/or restrictions. The exclusion of several Russian banks from the SWIFT network and the measures imposed against natural persons and organisations will have further implications for cross-border payments. In accordance with Regulation (EU) 2022/345 of 1 March 2022, several banks, and their subsidiaries based in Russia (in which said banks directly or indirectly hold more than 50%) will be excluded from the SWIFT network as of 12 March 2022.
Updated: 10 March 2022, 12:00 CEST
Are there currently any restrictions for the conversion of roubles (RUB) in payment transactions?
Real-time quotes for the ruble (RUB) can currently not be obtained in the market. However an exchange rate is determined once a day by Commerzbank's foreign exchange trading department. As a result there are significant settlement risks. The conversion of the amount set out in your order may therefore possibly not be punctual or at a market rate. Hence there is a risk that, in the worst case, the exchange rate could be zero in which case you would suffer a total loss. Commerzbank accepts no liability in this regard and for any damage resulting therefrom (with the exception of damages resulting directly from willful or grossly negligent conduct).
Can non-sanctioned transactions be carried out with Sberbank?
Sberbank is currently not affected by the SWIFT exclusion. Therefore, transactions which comply with the adopted sanctions are generally possible.
Updated: 6 March 2022, 12:00 CEST
General impact on foreign trade
Foreign trade business with the affected regions, sectors (finance, defence and safety, energy, aerospace) and persons is significantly affected by the measures taken, which also impacts the entire product range for foreign trade hedging.
A general statement, however, is difficult to make, since every transaction has its own unique aspects and thus requires an individual review. The market environment remains volatile and may change at any time. Commerzbank complies with applicable sanctions and embargoes in its export settlement business.
Updated: 3 March 2022, 12:00 CEST
Have you planned exports/imports related to Russia or Ukraine?
Please contact your personal relationship manager or trade finance specialist for assistance with the process.
Updated: 6 March 2022, 12:00 CET
What current information and advice is available from Euler Hermes on the insurance cover of exports to Ukraine, Russia and Belarus?
It is recommended to contact the respective insurance provider concerning what must be observed and, if necessary, done in order not to endanger the insurance cover.
Financing projects in the context of current sanctions
We will review your financing projects together with you and our product specialists, taking the currently applicable sanctions/embargoes and payment terms into account.
Interest rate and currency management
What are the restrictions regarding foreign exchange trading with the rouble?
In light of the very dynamic development in Ukraine and Russia, current provisions are subject to constant change. We are monitoring these developments, complying with the legal and regulatory requirements, and adjusting our approach as required. Due to short-term regulatory adjustments and lower trading liquidity on the market, we are expecting significant trading limitations. Rouble trading is currently not possible.
Updated: 7 March 2022, 12:00 CET
We are firmly committed to our clients, even – and especially – in these turbulent times.
Please contact your personal relationship manager with any questions you may have.