Priorbank stops accepting payments to Canadian banks

April 13, BPN. Priorbank has stopped accepting payment orders involving Canadian banks, its press office reports.

The move should help avoid freezing of funds over recent Canadian sanctions against nine Belarusian banks, including Priorbank, it added.

The bank advised its clients awaiting funds transfers from Canada to use other banks.

On April 11, Canada announced new sanctions against nine Belarusian banks over Belarusian authorities’ support of Russia’s war on Ukraine. The National Bank of Belarus, Belarusbank, Biełahraprambank, Priorbank, Sberbank, BelVEB Bank, Belgazprombank, VTB Bank (Belarus) and Statusbank are among those affected by new restrictions.

In February 2022, Russia started a full-scale war against Ukraine. Łukašenka admitted that Belarus participated in Russia’s war on Ukraine, but said it was “not killing anyone.”

Priorbank is one of the oldest commercial banks in Belarus and is a part of Austria’s Raiffeisen Bank International holding an 87-percent stake in it. Other shareholders include the State Property Committee (6.31 percent), individuals (4.84 percent) and legal entities (1.11 percent).

In November 2022, the National Bank listed Priorbank as a systemically important financial institution for 2023.