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NEWS: Russia’s sanctioned Sovcombank requests US licence to make UN climate payments

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov

By Elena Fabrichnaya

Russian private lender Sovcombank has applied to the U.S. Treasury for a licence to make membership payments to a United Nations climate funding programme while its activities are blocked by U.S. sanctions, a senior bank executive told Reuters.

Sovcombank, one of Russia’s 13 official “systemically important” credit institutions, was placed under U.S., UK and European Union sanctions soon after Russia launched what it calls a “special military operation” in Ukraine in February 2022.

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