Russian banks to be cut off from Dow Jones sanctions data

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The Dow Jones service began terminating contracts with Russian banks on May 31 and June 1

The Risk&Compliance service from Dow Jones will stop supplying data to Russian banks, including data on participants in the sanctions lists, RBC said with reference to two banks that were not subject to sanctions.

Dow Jones reportedly began to terminate contracts with Russian banks from May 31 and June 1.

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“These lists are not just a list,” a source in one of the top 50 Russian banks said.

“As a rule, this is not one system, these are expensive and labor-intensive things. And, in fact, everything was built around the Dow Jones lists, payments went through their list.”

The source emphasized that Dow Jones aggregates information about sanctions against individuals and companies imposed by different countries, updates and sells this information to banks in one package.

Another source noted that all major players have worked with Dow Jones. The service itself collects information, including those related to sanctions, criminal cases, lists from regulators, and lists of terrorists.

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Without access to this information, banks risk “themselves falling under sanctions, including secondary ones if they violate certain restrictions,” the source said.

In late May, EU leaders have agreed to cut off Sberbank, Russia’s largest bank, from the SWIFT electronic payment system.

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