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The White House quietly asked US banks to continue doing business with Russia. Photo / Illustration
It was Bloomberg who published the report citing a number of sources familiar with the matter.
“The demands have been made by the US Treasury and State Department as the administration tries to keep pressure on Russia but at the same time avert a global economic catastrophe,” the news agency said. Russia todayTuesday (8/11/2022).
A source told Bloomberg that Washington had requested services such as US dollar payments, transfer payments and commercial financing for Russian companies exempt from some aspects of the sanctions, including gas giant Gazprom and fertilizer producers Uralkali and PhosAgro.
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As a result, America’s largest banks are currently “caught in a tug-of-war” between the Biden administration and Congress, which is calling for tougher action against Moscow.
Sanctions prevent US banks from providing services to blacklisted entities and people, with crimes punishable by billions of dollars in fines.
JPMorgan Chase investment bank chief Jamie Dimon was reportedly reprimanded at a congressional hearing in September after his company allegedly used loopholes in the sanctions regime to continue working with Russia.
“We followed the instructions of the US government when they asked us,” the banker replied.
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