INSUBCONTINENT EXCLUSIVE:
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)
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
