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Sanction Imposed on Expobank

Published: May 9, 2014; 11:01 · (Vindobona)

Russian-Latvian Expobank was added to the Canada’s black list.

Expobank is now on Canada's sanction list. / Picture: ©

As reported by Hospodářské noviny, the future parent company of the Czech branch of German LBBW, was added to Canada’s sanction list because of the political crisis in Ukraine. The Russian-Latvian financial institut, which is the 103rd biggest Russian bank by assets, was owned by Russian financier Igor Kim. However, the financial insitute questions the sanctions as it has no business activities in Canada.