US threatens sanctions to countries that even small Russian banks work - FT
This step is aimed at closing the bypasses that Russia used to bypass sanctions, in particular, by finding hidden dual -use methods required for weapons. The US Deputy Minister Wolly Adeemo told the publication that Washington is now ready to pursue countries that allow Russian banks to open branches in their jurisdictions to bypass Western sanctions - even if the bank itself is not sanctioned.
"We will chase the branch they create, as well as other organizations and companies in your jurisdiction that work with them," Adeeim said, adding that countries should stop the creation of any Russian branches or subsidiaries. These measures, as noted, are the last in a series of changes in the rules designed to impede the import of military goods and goods of dual -use goods, forcing banks around the world to be afraid to participate in financing such trade.
The Executive Decree, issued by the White House in December 2023, warned foreign financial institutions that they are at risk of secondary sanctions if they conduct or facilitate transactions related to the Russian military-industrial complex. In June, the list of entities was expanded to cover any Russian entities that were sanctioned. After that, according to official trade data, exports from China and Turkey to Russia have fallen sharply to Russia.
Exports from China so -called "high -priority" goods decreased from $ 421 million in December to $ 212 million in February. Adeyemo has stated that Russia continues to be difficult to find payment channels for goods after recent US sanctions against companies such as VTB Bank Shanghai, a single Russian bank representation in China, which the United States was included in the Black List in June.
VTB CEO Andriy Kostin has acknowledged that Russia is trying hard to find new loopholes before the United States has time to close them. "We noticed that any steps we take, the event's reaction is very fast. As soon as we do something somewhere, a delegation of 10 people comes and begins to beat local authorities to stop us," Kostin said in July. At the same time, he said, although the situation is deteriorating every day, but the bank decides it and "cargo goes.
" Adeyemo said that most of the big banks that are far more business with the US, the EU, the United Kingdom and the rest of the coalition than with Russia, surrendered under western pressure, so as not to lose access to the dollar, euro, pound or yen. The United States now switch its attention to smaller banks in new countries after the previous pressure of pressure has prompted large creditors in China, Turkey and the UAE to abandon Russian counterparties.