[Alpha Biz= Reporter Kim Sangjin] Woori Bank's Russian subsidiary (Woori Bank Russia) announced on the 4th (local time) that it has recovered €36 million (approximately 53.3 billion won) that had been tied up in Europe for 28 months due to sanctions against Russia.

On the morning of the same day, Woori Bank Russia received permission from the Bundesbank in Germany to withdraw assets and fully retrieved the €36 million in customer deposits that had been held at Commerzbank in Germany.

The assets that Woori Bank Russia had deposited at Commerzbank were frozen in June 2022. Following Russia's initiation of a "special military operation" in Ukraine in February 2022, the U.S. and the European Union (EU) imposed stringent financial sanctions, leading to the widespread freezing of Russian assets held in their territories.

The funds frozen from Woori Bank Russia primarily consisted of business funds for Korean companies operating in Russia and deposits from Korean individuals.

Woori Bank Russia has actively pursued asset recovery by strategizing with its headquarters' global group and cooperating with foreign embassies in Germany and Russia.

The bank stated that this effort has allowed it to manage Korean customers' deposits securely and stabilize the liquidity of funds for Korean entities, emphasizing the importance of effective financial strategies and diplomatic cooperation amid sanctions.

 

 

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