Russia is said to be losing another banking partner as more lenders turn their back on Moscow over fear of sanctions

Oversea-Chinese Banking Corp. told customers it would no longer process Russian transactions as of November, a report says.

Another bank appears to be turning its back on Russia as lenders grow worried about doing business with Moscow under the threat of Western sanctions.

Oversea-Chinese Banking Corp., the second-largest lender in Singapore, told its clients it would no longer process any transactions related to Russia as of the start of November, a person familiar with the matter told Bloomberg in a report published this week.

The person said that those transactions included the transport and sale of goods and services in Russia and that OCBC attributed the pullback to operational challenges around compliance and regulation.

The new restrictions aren’t expected to significantly affect the bank, given that OCBC hasn’t opened new accounts for Russian clients in two years, the source added.

The bank didn’t immediately respond to requests for comment from B-17.

The changes would represent another sign of lenders’ growing hesitancy to work with Russian clients after the West threatened to impose secondary sanctions on firms doing business in the country.

A Russian state media outlet reported that nearly all Chinese banks had stopped processing payments from Russia out of fear of being targeted.

Russia, meanwhile, has nearly depleted its yuan reserves, and businesses were locked out of billions earlier this year amid payment issues abroad, according to data from Russia’s central bank.