The banking loopholes Russia has used to stay afloat are closing [Business Insider]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
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Source: Business Insider
Banks in the UAE, Turkey, and Austria are working to reduce their transactions with Moscow. This is disrupting Russia's oil trade, which is facilitated by some of these banks. A string of global banks that have helped Russia circumvent Western sanctions are now turning their back on Moscow, as the US has increased pressure to comply. According to The Wall Street Journal , financial institutions in the United Arab Emirates, Turkey, and Austria are shifting away from Russian business, in fear that it risks punishment from Washington. In December 2023, an executive order granted the US Treasury broader sanctioning power, enabling it to pursue foreign banks that facilitate transactions with Russia. If targeted, these institutions could lose access to correspondent US banks , which act as the backbone to global finance. Months later, Deputy Treasury Secretary Wally Adeyemo cited that the threat of secondary sanctions was proving fruitful , with a notable decrease in financial fl
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