LHV Bank Implementing Restrictions for Transactions with Serbia

The Estonian LHV bank has announced that, from 1 September, it will implement new restrictions for transactions with Serbia and another four countries, because of their failure to impose sanctions on Russia due to the war with Ukraine.

– In relation to the difficult international situation caused by Russia’s aggression, as of 1 September 2023, no payments can be made to or accepted from the banks of Armenia, Serbia, Uzbekistan, Kyrgyzstan and Kazakhstan – LHV bank says on its website.

They add that the restriction is valid to all currencies as well as to all subsidiaries of the banks that may be registered or operate outside the specified countries.

– We try to ensure that all payments made until 31 August 2023 (including) reach the recipients. Any payments made after 1 September 2023 will be returned to the payer – the Estonian bank says on its website.

They add that, in exceptional cases, they may receive payments from the specified countries if the recipient of the payment has informed them of their justified interest (e.g. national interests of Estonia, social reasons, etc.).

LHV bank

LHV restriction for transactions with Serbia

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