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. Last Updated: 07/27/2016

Group Plans Suit Against Sberbank

A consumer rights organization said Tuesday it plans to sue state savings bank Sberbank for refusing to change old $100 bills.


The chairman of the International Confederation of Consumer Societies, Alexander Auzan, told a news conference that his organization knows of several cases of currency regulation violations by the banking giant, Interfax said.


Sberbank officials could not be reached for comment. One customer at a Sberbank branch near Savelovsky Station said a teller refused to change a $100 bill for rubles, citing an absence of cash, but did agree to exchange two $50 notes.


According to Auzan, Sberbank plans to charge a commission of 3 percent to 4 percent for changing old $100 bills for new notes to be issued this month by the U.S. Treasury, Interfax said. Russia's Central Bank has said commissions should not exceed 2 percent.


About $80 billion in new notes should be printed by the end of April, William Murden, official representative of the U.S. Treasury in Moscow, said at a press briefing Tuesday.