TradeXBank to Resume USD Operations Following OFAC Delisting

TradeXBank is set to renew its operations in US Dollars in the latter half of 2024. This follows the clearing of Sberbank (Switzerland) AG, TradeXBank's forerunner, from the Sectoral Sanctions Identifications list by the Office of Foreign Assets Control (OFAC), an agency of the U.S. Department of Treasury. The delisting marks the end of a legacy issue, paving the way for TradeXBank to support its global clientele effectively.

Christian Lüscher, Chairman of the Board, emphasized the bank's commitment to the highest compliance standards, remarking on the successful resolution of legacy issues inherited from its predecessor. He noted that the bank has adhered to Swiss and applicable international sanction regimes, aligning its operations with best practices of prominent Western banks.

Camille Sednaoui, CEO of TradeXBank, expressed satisfaction with the resolution, which allows the bank to return to normal operations across all currencies and markets. Despite earlier restrictions, the bank continued to meet its obligations and closed the year 2023 on a profitable note. The bank now looks forward to resuming robust USD operations to foster growth and contribute to the financial markets, according to Sednaoui.