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IPFS News Link • Economy - International

One Sanctioned Russian Bank Will Only Deal In Cash Now

• http://www.businessinsider.com

Clients will have to physically walk up to a bank teller in order to withdraw cash.

Sobinbank announced on its official website that the bank will stop servicing bank cards and will suspend its "SobinDirect" service starting Jan. 31, 2015.

Although clients won't be able to use plastic anymore, the bank press release notes that they can "use all the usual banking services, even after the termination of services of cards."

Bank cards in Russia are basically analogous to Western debit cards (meaning you can only withdraw what is in your checking account), but some distrustful Russians still prefer to deal in cash only, a person familiar with the matter told Business Insider.

This isn't the first change Sobinbank has made in the aftermath of Western sanctions. Back in November, the bank stopped issuing new cards and reissuing expired ones. And earlier in 2014, Sobinbank cut the number of branches in operation, although the exact number of units closed was not disclosed. In Moscow, only the headquarters are in operation, according to Vedomosti.


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