Protect Your Finances with Planning and Vigilance
Russia’s invasion of Ukraine has ripple effects worldwide, including your finances. Pinnacle is prepared to help protect you on several fronts and offers the following advice.
Plan for sanctions and restrictions.
The U.S. Treasury is imposing new sanctions and restrictions for both nations on a daily basis. You can learn more about OFAC’s Sanctions Program here.
- All debit, credit and purchasing card transactions involving businesses or financial institutions in Russia or Ukraine are prohibited. This could lead to card transactions being declined.
- All incoming and outgoing ACH transactions involving Russia or Ukraine will be returned or blocked. That includes PayPal and Venmo transactions.
- Wire activity involving Russia, Belarus or Ukraine carries additional risk (including, without limitation, rejection or blocking and turnover of certain funds) while this situation is ongoing.
Stay vigilant.
Russia is one of the world’s biggest sources of cyberattacks. Cybersecurity experts are on heightened alert for attacks on government entities, infrastructure targets and private citizens and businesses. Pinnacle has robust tools and systems in place to keep your private information secure, but you can take measures as well. Protecting yourself and your business starts with being alert and keeping your guard up. You can learn more about how to protect yourself at PNFP.com.
