US authorities threaten foreign banks due to contacts with Russia – Kommersant
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US authorities are monitoring the opening of correspondent accounts of Russian banks in foreign ones and monitoring the growth of their turnover. They also personally warn managers of credit institutions about the negative consequences of contacts with Russia. They write about it “Vedomosti” with reference to sources in a bank from the top 10, a large commodity company and close to the topic of settlements within the BRICS framework. Conducting conversations with the public and private sectors was confirmed to Vedomosti by the US Treasury
According to the publication’s interlocutors, we are talking about banks in Turkey, China, the UAE, Qatar and the CIS countries. Due to the actions of the US authorities, the average validity period of correspondent accounts with Russian banks in foreign ones is on average six months. They also argue that Russian banks are constantly forced to look for new partners in order to establish short-term relationships with them.
Some credit institutions open accounts in national currencies so that American and European officials cannot track transactions. However, the US authorities are also monitoring the sharp increase in turnover and are “visiting” banks whose indicators are above average, one of the sources told Vedomosti.
In December 2023, US authorities reported on the blacklisting of foreign banks for violating sanctions against Russia. Over the course of several months, credit institutions from China, India, the UAE, Turkey and other countries came under restrictions because of this.
In February, due to the risk of falling under sanctions, three of China’s largest banks stopped cooperating with Russia – Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China. Kommersant’s sources toldthat Turkish banks also refuse to work with Russian credit institutions.
To protect against sanctions risks, some foreign banks conduct transfers through third countries or counterparties. Because of this, as Kommersant wrote, the cost of transactions has increased significantly. China takes from 2.55 to 7% of the transfer amount, Türkiye – from 5% to 15%.
Read more in the Kommersant article. “Türkiye is screwing up Russia’s banks”.
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