HSBC has agreed to sell its Russia business to Expobank , signing a deal shortly before Moscow said it would move to block the sale of foreign banks' Russian businesses in retaliation for restrictions imposed on its own lenders. Completion of the deal would represent HSBC's formal exit from Russia, but the bank said the transaction was still subject to regulatory approvals in Russia.

A spokesperson for Russia's central bank said it had not received an application for approval for the sale of HSBC's business. Such approvals can be requested after a deal is signed, meaning there is often a gap between the announcement of a deal signing and the approval being sought and granted. HSBC's business in Russia consisted of a corporate banking business which offered a range of lending and investment banking services to domestic and multinational customers.

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