French bank Societe Generale says its Russian unit Rosbank was operating normally Thursday (Feb. 24) amid Russia’s invasion of the Ukraine, and that it was adhering to “all applicable regulations.”
“Rosbank continues to operate in a normal manner within the reinforced oversight framework,” Societe Generale said in a statement, reported by Reuters.
“Rosbank is a Russian bank with mainly local activities and we are confident in our ability to ensure the activity for our clients and to adapt where necessary,” it also said, adding it was paying close attention to the situation and looking to support customers and employees.
Russian tanks and ground troops entered Ukraine Thursday, with airstrikes hitting the capital city of Kyiv and a dozen other cities.
Read more: Sanctions on Russia May Be Streamlined, Sped up by the Digital Age
President Biden said Russia’s attack on Ukraine had no justification and vowed to take further against Russia beyond the sanctions levied earlier this week.
“Russia alone is responsible for the death and destruction this attack will bring, and the United States and its Allies and partners will respond in a united and decisive way. The world will hold Russia accountable,” Biden said in a statement.
The president was expected to announce a new round of sanctions Thursday that, along with other measures imposed by allied nations, would essentially cut off Russia from crucial technologies and markets, while putting a heavy burden on the country’s banks.
See also: Ukraine Caps Cash Withdrawals, Suspends Use of Digital Wallets
In Ukraine, the country’s central bank suspended the country’s currency markets, halted the circulation of all securities, put curbs on cash withdrawals and stopped the use of electronic currency and digital wallets as the nation declared martial law.
As Russian forces invaded, the National Bank of Ukraine passed several temporary resolutions, including a cap on daily cash withdrawals to the U.S. equivalent of roughly $3,339.13 and suspending digital money transactions.
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