Danske Bank’s approach to Russia’s invasion of Ukraine

Danske Bank follows the tragic situation in Ukraine closely, and our thoughts are with all those affected by the war.

We support our customers with advice and ongoing expertise related to their activities and finances, and we naturally comply with the sanctions imposed by the UN, the EU and the UK, as well as US sanctions.

Learn about sanctions and other implemented restrictions on this page.

In addition, Danske Bank has taken a number of other initiatives.

Read more

 

 

Payments involving Russia, Belarus, or non-government controlled areas and regions of Ukraine.

The ongoing unstable situation caused by the war in Ukraine and the associated financial sanctions are making it increasingly difficult for us to help our customers with their payments involving Russia, Belarus or the non-government controlled areas and regions of Ukraine (currently includes areas of Ukraine in the oblasts of Donetsk, Luhansk, Zaporizhzhia and Kherson). To focus our efforts on helping customers who have already submitted or received payments involving these areas or regions – while making sure that we comply with the sanctions at all times – we have decided that Danske Bank will not process new payments involving Russia, Belarus or the non-government controlled areas and regions of Ukraine for the time being.

While we are aware that the situation for our customers may be very difficult, we have made this decision to reduce the uncertainty related to the processing of payments.

What does this mean for our customers?
New payments involving Russian, Belarus and the non-government controlled areas and regions of Ukraine will not be processed.

While we do what we can under these difficult circumstances, we still cannot guarantee that existing payments will be processed. For some existing payments, the processing is taking longer than usual, and customers may be asked for additional information, while other payments will be rejected.

We continue to monitor developments closely and are working hard to adjust our support as the circumstances change.

Overview of sanctions activity

Take a look at this brochure to be more informed about sanctions and what you can do to identify sanctions related risks.

Restrictions on Russian securities at Danske Bank

By 25 March 2022, Danske Bank seized to accommodate any trade execution, settlement or safekeeping of Russian securities not already held in a custody account with Danske Bank, just as we seized to transfer any Russian securities or other financial instruments to a custody account with Danske Bank.

This restriction covers all securities issued by Russian entities as well as other financial instruments including ADRs (American Depositary Receipts) and GDRs (Global Depositary Receipts) issued by or based on Russian entities.

In the following, such securities and other financial instruments are collectively referred to as “Russian securities and financial instruments”.

Accordingly, customers of Danske Bank cannot

  • buy Russian securities and financial instruments to be held in their custody accounts with Danske Bank
  • transfer Russian securities and financial instruments to their custody accounts with Danske Bank
  • in any way increase their holdings of Russian securities and financial instruments in their custody accounts with Danske Bank

Customers may keep any Russian securities and financial instruments already held in their custody accounts as at 25 March 2022.

The same restrictions apply to funds with investments in Russian securities and financial instruments.

If you have any questions in this respect, you are welcome to contact one of Danske Bank’s advisers.



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