The US Treasury and State Department have tacitly asked major US banks, including JPMorgan and Citigroup, to continue doing business with big Russian companies. About it with link on Bloomberg writes Meduza.io.
Thus, the Joe Biden administration is trying to minimize the harmful effects of the sanctions regime, the newspaper writes.
In particular, officials urge banks to continue providing basic services (dollar settlements, transfers, trade finance) to companies that are not directly sanctioned, such as Gazprom or Uralkali.
As Bloomberg notes, due to the imposition of large-scale sanctions, many banks are “cautious” about doing business with Russian companies – even those that have not been hit by the sanctions – for fear of be fined by the US authorities themselves. It is for this reason that the government is trying to convince them to continue cooperation.
- After the outbreak of the war, the largest transnational banks began to reduce their activities in Russia and to refuse to deal with Russian customers. JPMorgan and Goldman Sachs announced their departure from the country in the spring, and later Citigroup did.