Russias largest loan provider Sberbank appears to have discovered a workaround to Western sanctions and SWIFT restrictions by enabling wire transfers to European banks through third-party intermediaries, the independent news outlet The Bell reported Friday.Sberbank and other significant Russian banks were cut off from the SWIFT monetary messaging system after Moscows 2022 invasion of Ukraine, severely restricting their capability to process international payments.According to The Bell, which checked the workaround itself and talked to others who have also effectively moved cash, Sberbank clients can send out rubles through its mobile app to European cardholders at Revolut or N26.The money is routed through a non-sanctioned intermediary, converted into cryptocurrency and transferred to a 2nd intermediary who transfers euros into the receivers Revolut or N26 account.Recipients apparently see a sender name unassociated to Sberbank frequently a payment processor, a city in Central Asia or an individual.The workaround appears to function only with Sberbank.
Comparable transfers tried by means of other approved banks, such as Gazprombank and T-Bank, were obstructed, The Bell said.A Sberbank customer support agent told The Bell that as much as 500,000 rubles (about $6,400) can be sent out per deal, with a month-to-month limitation of 3 million rubles ($38,200).
Its not dangerous.
The bank has actually constantly had transfers like that, the employee was quoted as saying.Revolut and N26 denied involvement in the transfer scheme and stated they block deals that break sanctions.
N26 said it carries out routine compliance checks, while Revolut cautioned users that such transfers might be blocked or lead to frozen accounts.Legal experts informed The Bell that the method does not technically breach sanctions due to making use of intermediaries.
Sberbanks press service declined to comment.Russian reporter Nikita Mogutin was the first to report the workaround on June 13, determining a Polish intermediary.