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HSBC has  that it has stopped processing payments to or from Russia and Belarus for all personal banking customers.

The announcement was communicated to HSBC customers in all markets, including the UK.

“Any payments processed through HSBC involving Russia or Belarus may be held for further review, and may in our sole and absolute discretion, be rejected and the funds returned,” the bank .

“If you plan to make or receive payments to or from Russia or Belarus, please make alternative arrangements.”

Speaking with ���������, a HSBC spokesperson said that facilitating retail payments to Russia and Belarus has become untenable in light of the "unprecedented" volume of sanctions and trade restrictions against the two countries.

The news coincides with an  from the US Treasury’s Office of Foreign Assets Control (OFAC) that it has sanctioned Gazprombank, which is partly owned by the Russian government and is a key player in the global energy market.

“Gazprombank is a conduit for Russia to purchase military materiel for its war effort against Ukraine,” OFAC said in a statement.

“The Russian government also uses Gazprombank to pay its soldiers, including for combat bonuses, and to compensate the families of Russian soldiers killed fighting Putin’s brutal war against Ukraine.”

OFAC also designated six foreign subsidiaries of Gazprombank, 50 Russian banks with international connections, more than 40 Russian securities registrars and 15 Russian finance officials.

“Today’s sanctions targeting Russia’s largest remaining non-designated bank, as well as dozens of other financial institutions and officials in Russia, will further diminish and degrade Russia’s war machine,” said US Treasury secretary Janet Yellen.

“This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military.”