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(128,748 posts)
Mon Feb 26, 2024, 08:44 PM Feb 26

Exclusive: Treasury says US warning to banks slows Russia financial flows [View all]

Source: Reuters

February 26, 2024 12:47 PM EST

WASHINGTON, Feb 26 (Reuters) - Washington's threat to hit foreign financial institutions with sanctions has made a significant difference in financial flows between Russia and countries such as Turkey, the United Arab Emirates and Kazakhstan, said Deputy Treasury Secretary Wally Adeyemo.

Adeyemo, in an interview with Reuters, said data available to the U.S. Treasury Department - including reports from financial institutions - shows a decline in the movement of funds after Washington in December issued an executive order that threatened sanctions on financial institutions in third countries helping Russia skirt western sanctions imposed over its invasion of Ukraine.

"In the data that I can see, I've seen a significant difference in terms of financial flows that have been transactions...potentially being blocked by institutions," Adeyemo said. "And I've heard about this also from some of the monitors who are in institutions ... that they're taking a more cautious approach with regard to doing any business with Russia, which is exactly what we wanted."

Reuters reported last week that the U.S. threat to hit financial firms doing business with Russia with sanctions has chilled Turkish-Russian trade, disrupting or slowing some payments for both imported oil and Turkish exports, according to seven sources familiar with the matter. The executive order did not explicitly target energy, but it has complicated some Turkish payments for Russian crude oil as well as Russian payments for a broader range of Turkish exports, the sources said.

Read more: https://www.reuters.com/world/treasury-says-us-warning-banks-slows-russia-financial-flows-2024-02-26/

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