- US officials demanded that major banks keep ties with Russian businesses. Bloomberg reported
- It reported that banks were asked by the committee to continue dealings with firms who are partially exempted under sanctions.
- According to reports, JPMorgan and Citigroup were the ones approached by the US government.
US officials quietly asked major banks to continue doing business with Russian companies despite Moscow’s invasion in Ukraine. Bloomberg reported MondayUnnamed sources are not familiar with the situation.
According to the report Treasury officials and State Department officials have asked JPMorgan, Citigroup and Citigroup not to provide services to Russian companies partially exempted by sanctions.
It was believed that the goal was to lessen the chance of a global financial crisis.
Bloomberg sources said that Russian firms included Gazprom, a state-run giant in gas and fertilizer production, as well as Uralkali PJSC.
Bloomberg reports that officials are asking banks to continue to provide basic services to firms like US Dollar settlement, payment transfer, and trade finance options.
Insider asked for comment from representatives from the Treasury Department and State Department.
In a congressional hearing on September 21The Russian dealings of US bank CEOs were under investigation.
Jamie Dimon, JPMorgan CEO, was asked by Congressmen if he would cut ties between his bank and Russian companies. Bloomberg reported that Dimon replied: “We are following their instructions as they asked.”
Insider asked JPMorgan to comment, but it didn’t respond immediately. Citigroup declined comment.
“Congress needs to understand this — the US government has not imposed a comprehensive embargo with Russia, there’s still pockets of business that are allowed,” said Nnedinma Ifudu Nweke, an attorney who specializes in economic sanctions and trade embargoes, in an exchange with Bloomberg.
Nweke stated that the officials would continue to meet with banks to discuss “pockets of allowable transactions”.
Ukrainian officials condemned the leaders of large Western banks. They stated in July that they would bring war-crimes charges against the men.
Oleg Ustenko, an economic advisor of Ukrainian President Volodymyr Zilenskyy, stated that “there is no doubt” Russia is committing war crimes against Ukrainians. CNBC,They added that they would transmit information to International Criminal Court (ICC).
He said, “According to our logic, everyone who finances these war criminals in Ukraine is also committing war crime.”
The ICC has the power to prosecute people but not entities.
