Here’s Why the Russian Sanctions Are a Dud: Big Foreign Banks from the U.S., France, Austria and Italy Are Operating in a “Routine Manner” in Russia

By Pam Martens and Russ Martens: February 25, 2022 ~ While Ukrainian children sleep with their pets in the subways, living in terror of the bombs raining down on them from their Russian invaders, wealthy Russian oligarchs are being comforted by “relationship managers” at banks owned by the very nations that say they are going to hold Russia accountable for its invasion of Ukraine. Noticeably missing from President Biden’s press conference yesterday on expanded sanctions against Russia for its invasion of Ukraine was any mention of how the U.S. and its allies were going to deal with the big foreign global banks that conduct banking business for thousands of Russian corporations and millions of Russian individuals. Biden only mentioned sanctions on Russian banks. That sent a loud message to the MOEX Index at the Moscow Stock Exchange, which as of 2:49 p.m. today in Moscow (6:49 a.m. in New York) had … Continue reading Here’s Why the Russian Sanctions Are a Dud: Big Foreign Banks from the U.S., France, Austria and Italy Are Operating in a “Routine Manner” in Russia