LHV is not directly or through customers significantly influenced by the economies of Russia, Belarus or Ukraine. We are paying close attention to what is happening in Ukraine, but the economic risks or risks to the LHV's services have not increased due to international tensions. We monitor constantly the situation, analyse possible effects and, if necessary, react to changes.
We ask our customers to take into account the following:
- Please note that incoming and outgoing payments to Russian banks are significantly limited or interrupted due to constantly updated financial sanctions. Therefore, we recommend not to make payments to Russia. Additional financial sanctions against Belarus are also expected, which may also interrupt payments to Belarus.
- Due to the events in Ukraine, our foreign brokers have restricted trading in Russian shares. This applies in particular to the purchase of shares in Russian listed companies, but in some cases it may not be possible to sell shares (mainly in the case of GDRs listed on the London Stock Exchange). For those who want to close their existing positions in Russian companies, brokers will try to find suitable solutions.
- Keep in mind that all Estonian natural and legal persons have to comply with the sanctioning regimes of the United Nations, the European Union and the respective countries.
The purpose of financial sanctions is to disrupt the economic well-being of individuals, businesses, economic sectors or even countries by restricting access to assets and other financial instruments.
LHV takes the utmost care and diligence not to allow the movement of funds through the Estonian financial system that may be related to persons included in the sanctions lists. In the event of any suspicion, we will collect additional information from our customers. Therefore, payments related to Russia, Belarus and Ukraine may take longer than usual. To ease the movement of payments, we ask customers to include the exact address of the recipient when making a payment to Russia, Belarus, or Ukraine, and to ask their business partner to include their full address when making payments from those countries. We hope for understanding and will give more information if further developments in Ukraine should have any additional impact on LHV's customer payments.
Additional information on sanction regimes:
- European Union Sanctions Map
- Official Journal of the European Union
- European Commission
- USA OFAC
- United Kingdom