Ukraine conflict: HSBC orders staff to drop Russian banks VTB, VEB

HSBC has little direct exposure in Russia, with its CFO telling reporters last Tuesday it has around 200 employees and annual revenues of $15 mn there, a fraction of its global income of $50 bn

British bank HSBC is beginning to wind down relations with a host of Russian banks including the second-largest, VTB, according to a memo seen by Reuters, as financial institutions start to implement restrictions on Russia.

The United States, Britain, Europe and Canada announced new sanctions on Russia on Saturday - including blocking certain lenders' access to the SWIFT international payment system - following Russia's invasion of Ukraine.

The advisory notice from HSBC, one of the world's largest banks, tells staff how they should apply the new global sanctions on Russia.

Headed "action required" and dated Feb 27, it highlights the fact that the