May 17, 2022

Market and Financial News

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Treasury Warns Foreign Banks Against Helping Russia Evade Sanctions

2 min read

Referring to his message to foreign banks, he added: “You need to make sure that not only are you making sure that you’re watching flows into your financial institution, but you need to also help by reminding the businesses that you support that they, too, you don’t want them to be providing material support to Russian oligarchs or Russian businesses as well.”

Banks and financial institutions around the world have been grappling with how to remain in compliance with the waves of new sanctions against Russia.

Citigroup, the largest U.S. bank in Russia, with about 3,000 employees there, was in “active dialogue” to sell its Russian consumer and commercial-bank businesses, Jane Fraser, its chief executive, told Bloomberg this month.

Citigroup trimmed its exposure in Russia to $7.9 billion in March, down from $9.8 billion at the end of last year, according to a filing. “This weaponization of financial services is a very, very big deal,” Ms. Fraser said at a conference this month. She said she expected global capital flows to splinter as nations developed new financial systems to avoid being…

Alan Rappeport and Emily Flitter

2022-05-14 09:10:17

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