SEB Pank stops providing financial services in Russian rubles

As of 2 May 2022, at 16:45, we will end quotations for the Russian ruble (RUB) and providing financial services in rubles. That includes initiating and receiving payments, as well as converting RUB to other currencies upon the client's order.

Customers who have rubles on their SEB account are advised to exchange them for another currency or make a transfer to a bank that provides services in Russian rubles,” says Ainar Leppänen, Head of Retail Banking of SEB.

If on 3rd May there are funds in RUB left in customer’s account, we will start converting the balance into the main currency of the account, or if the main currency of the account is a RUB, we will convert the balance into euros. The conversion will take place in accordance with the current interbank market conditions and it is possible that the conversion will not be done due to the market situation.

“As the situation is changing rapidly, we cannot rule out the possibility that transactions in rubles will become unavailable before 2 May 2022. If you have rubles on your account, we recommend assessing the risks and losses that may arise if additional restrictions are applied,” adds Mikk Kala, Head of SEB’s Markets Department.

Information on securities traded in rubles

SEB supports the sale of securities traded in RUB on the best-effort basis, whenever selling of those securities will become possible. 
“We will do our best to convert any sales proceeds in RUB to EUR and credit to customer’s account,” adds Kala.

More information on restrictions due to sanctions can be found on our homepage: Important information for customers of SEB regarding the situation in Ukraine | SEB