US lifts sanctions on Turkish arm of Russia’s biggest lender | WHAT REALLY HAPPENED

US lifts sanctions on Turkish arm of Russia’s biggest lender

The US Treasury Department has taken a bank off its “naughty” list, Turkey’s DenizBank, a subsidiary of Sberbank. Russia’s largest bank was placed under sanctions in September, and now DenizBank is no longer blocked from American capital markets.

Istanbul-based DenizBank fell under sanctions because it is more than 50 percent (99.85 percent) owned by Sberbank, which acquired it in September 2012. The Department of the Treasury sanctions apply to any bank that is majority-owned by a sanctioned Russian bank.

Sberbank acquired Denizbank, Turkey’s eighth largest, from Belgium’s Dexia for $3.5 billion, as part of an effort to grow outside the former USSR.

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