The bank accounts of the subsidiary of the Russian Argus-Spectr were closed in Finland

The bank accounts of ASi Oy LTD, a subsidiary of the Russian manufacturer of wireless signaling and notification systems, have been closed in Finland, said Mikhail Levchuk, director of Argus-Spectr.
Argus Spectrum International (ASi Oy LTD) is an enterprise registered in 2018 in the city of Savonlinna, Finland (100% of the shares belong to the citizens of the Russian Federation), a subsidiary of the Russian manufacturer Argus-Spectrum, which produces wireless fire alarm and warning systems, including for the evacuation of disabled people. Based on the concluded contracts, the company exports to the UK, UAE, India and Australia. The planned export volume in 2021 is 2 million euros, in 2022 – 5 million euros.
According to the current legislation of Finland, the company from the moment of its establishment in accordance with the established procedure ensures the payment of all taxes and mandatory payments, maintains accounting records and financial statements, which are assessed annually by an audit company.
The project was implemented in Finland thanks to the contribution and ongoing support of the Savonlinna City Hall.
“ASI Oy LTD on June 16 received a notification from OP (Osuuspankki) about the termination of the provision of services from July 16 without specifying the reasons for the closure. Since the moment of registration, the company has been using OP banking services for settlements with counterparties since 17.08.2018, ”Levchuk said.
Later, a current account with Danske Bank was blocked, through which the company did not make a single international transfer.
Currently, out of nine banks operating in Finland, five of them have been denied service. In addition to Danske and OP, these are: Handelsbanken, who explained that “Russia is seen as a high-risk country,” Oma Säästöpankki does not open accounts for companies with shareholders outside Finland, and the Scandinavian giant Nordea, which refused due to 100% foreign shareholding, where the management bodies do not include citizens of Finland or persons with a Finnish residence permit.
ASI Oy LTD’s application for opening an account is pending in four banks, these are Aktia, Säästöpankki, Pop-pankki and Ålandsbanken.
At present, all financial settlements of the Finnish “ASI Oy LTD” have been transferred to Russian banks.
“These circumstances entail reputational risks for the company and limit the possibility of business development,” Levchuk said.