Russia owes Western banks $120 billion. They won’t get it back
2 years, 10 months ago

Russia owes Western banks $120 billion. They won’t get it back

CNN  

London CNN Business — Goldman Sachs and JPMorgan Chase are the first major Western banks to get out of Russia following the invasion of Ukraine. Goldman Sachs said Thursday that it is “winding down its business in Russia in compliance with regulatory and licensing requirements.” JPMorgan Chase, America’s largest bank, followed within hours, saying it was “actively unwinding” its Russian business. JPMorgan Chase said its current activities in Russia are “limited.” Other banks with more to lose could soon follow Goldman Sachs and JPMorgan Chase out of Russia. French bank Societe Generale said last week it is “rigorously complying with all applicable laws and regulations and is diligently implementing the measures necessary to strictly enforce international sanctions as soon as they are made public.” The bank said it had almost $21 billion in exposure to Russia at the end of last year. Italy’s UniCredit, which has been operating in Russia since 1989, said last week that its Russian arm was “very liquid and self-funded,” and that the franchise accounts for just 3% of the bank’s revenue.

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History of this topic

US transfers $20 billion to Ukraine funded by seized Russian assets
1 month ago

US transfers $20 billion to Ukraine funded by seized Russian assets

India Today  

The United States announced Tuesday that it has disbursed a $20 billion loan for Ukraine backed by proceeds earned on frozen Russian assets, as part of a $50 billion G7 support package. "These funds -- paid for by the windfall proceeds earned from Russia's own immobilized assets -- will provide Ukraine a critical infusion of support as it defends its …

G-7 allies are moving ahead with a $50-billion loan for Ukraine backed by frozen Russian funds
2 months, 2 weeks ago

G-7 allies are moving ahead with a $50-billion loan for Ukraine backed by frozen Russian funds

LA Times  

U.S. Secretary of Defense Lloyd J. Austin III, right, is greeted by Ukraine’s President Volodymyr Zelensky during their meeting in Kyiv, Ukraine, on Monday. Ukraine will receive $50 billion in loans, backed by frozen Russian assets, from Group of 7 allies, the White House said Wednesday. “Never before has a multilateral coalition frozen the assets of an aggressor country and …

European Union transfers $1.6 billion raised from frozen Russian assets to Ukraine
5 months, 2 weeks ago

European Union transfers $1.6 billion raised from frozen Russian assets to Ukraine

India Today  

The European Union announced Friday it had made 1.5 billion euros available to support Ukraine, the first tranche of money generated from profits on frozen Russian assets. In May, the EU’s 27 member states reached an agreement to use the interest earned on some 210 billion euros in Russian central bank assets for military support for Ukraine and rebuilding efforts …

G7 agrees to loan Ukraine $50 billion from the interest on frozen Russian assets
6 months, 4 weeks ago

G7 agrees to loan Ukraine $50 billion from the interest on frozen Russian assets

NPR  

G7 agrees to loan Ukraine $50 billion from the interest on frozen Russian assets toggle caption Ludovic Marin/AFP/Getty Images Western leaders have agreed to loan Ukraine up to $50 billion to fight Russia and rebuild after the lengthy war, money that will be repaid over time from the interest accumulating on frozen Russian financial assets, a senior U.S. official told …

‘New ground is being broken’: EU seizes Russian profits for Ukraine
7 months, 2 weeks ago

‘New ground is being broken’: EU seizes Russian profits for Ukraine

Al Jazeera  

Ukraine wants to use $300bn in Russian central bank money held abroad to defeat it; Europe isn’t enthusiastic. Ukraine wants to use the estimated 210 billion euros of Russian central bank money held in European institutions to defeat Russia on the battlefield. “In this sense, new ground is being broken.” The EU decision is to tap the interest twice a …

Russian court seizes two European banks’ assets amid Western sanctions
7 months, 3 weeks ago

Russian court seizes two European banks’ assets amid Western sanctions

Al Jazeera  

Freezing hundreds of billions of dollars in lenders’ assets was part of dispute over gas project halted by sanctions. A Russian court has ordered the seizure of the assets, accounts, property and shares of Deutsche Bank and Commerzbank in the country as part of a lawsuit involving the German banks, court documents showed. The court also seized the assets of …

U.K., European Union impose sanctions on Putin's daughters
2 years, 9 months ago

U.K., European Union impose sanctions on Putin's daughters

The Hindu  

Britain and the European Union have added two adult daughters of Russian President Vladimir Putin to their sanctions list, as part of a new package of measures targeting Russia's economy, businessmen and oligarchs in retaliation for the Kremlin's invasion of Ukraine. The British government said on Friday that it is imposing asset freezes and travel bans on Putin’s daughters Katerina …

US sanctions Putin's daughters and more Russian banks
2 years, 9 months ago

US sanctions Putin's daughters and more Russian banks

India Today  

The United States targeted Russian banks and elites with a new package of sanctions on Wednesday that includes banning any American from investing in Russia, after Washington and Kyiv accused Moscow of committing war crimes in Ukraine. The new sanctions will put full blocking sanctions in Russia's Sberbank, which holds one-third of Russia's total banking assets, and Alfabank, a senior …

Russia stashed away billions before invading Ukraine. China may have helped hide it
2 years, 9 months ago

Russia stashed away billions before invading Ukraine. China may have helped hide it

NPR  

Russia stashed away billions before invading Ukraine. China may have helped hide it The Kremlin stashed away billions before invading Ukraine. SHAPIRO: Well, worthless may be an overstatement because a new investigation finds that Russia may have stashed tens of billions of dollars of that war fund in offshore accounts and that China may be helping. The Chinese central bank …

Ukraine war: Russian foreign minister Lavrov's stepdaughter among latest individuals sanctioned by the UK
2 years, 9 months ago

Ukraine war: Russian foreign minister Lavrov's stepdaughter among latest individuals sanctioned by the UK

Firstpost  

This takes to more than 1,000 the number of Russian and Belarusian individuals and businesses sanctioned by London in recent weeks London, United Kingdom: Britain slapped sanctions Thursday on 59 more Russian individuals and entities, as well as six Belarusian enterprises over Moscow’s invasion of Ukraine, targeting a shadowy mercenary firm and the world’s largest diamond producer. The latest measures, …

Ukraine invasion: Sanctions are not forever
2 years, 9 months ago

Ukraine invasion: Sanctions are not forever

New Indian Express  

A part of the sanctions concerns restrictions on banks. The Office of Foreign Asset Control list has stopped Russia’s central banks, the country’s finance ministry and the national wealth fund from accessing the dollar. Dollar became a “safe haven” because of its safety, liquidity and value. Jim O’Neill, formerly of Goldman Sachs, wonders “whether this episode set the stage for …

Ukraine-Russia war: France freezes 920 million dollars worth Russian assets
2 years, 9 months ago

Ukraine-Russia war: France freezes 920 million dollars worth Russian assets

Firstpost  

The French crackdown means the owners will be unable to sell or monetise their assets. But they are not seized in the sense that the state becomes the owner and could then sell them on, said Finance Minister Bruno Le Maire Paris, France: France has seized around 850 million euros of Russian oligarchs’ assets on its soil, Finance Minister Bruno …

Russia says it made a payment to avoid default
2 years, 9 months ago

Russia says it made a payment to avoid default

CNN  

New York CNN Business — Russia says it has ordered the $117 million in interest payments it owes Wednesday to be sent to investors, attempting to avoid its first international default in more than a century. That’s because the funds the country used to make the debt payments came from Russia’s frozen foreign assets, sanctioned because of its attack on …

Bank of England joins effort to safeguard Ukraine’s assets
2 years, 9 months ago

Bank of England joins effort to safeguard Ukraine’s assets

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The conversation forms part of a broader effort by …

Russia accuses West of seeking ‘artificial default’ over Ukraine
2 years, 9 months ago

Russia accuses West of seeking ‘artificial default’ over Ukraine

Al Jazeera  

Russia is ready to pay its debts ‘in roubles’ as a large part of its foreign currency reserves are frozen over Ukraine attack. Russia’s finance ministry has accused foreign countries of wanting to force Russia into an “artificial default” through unprecedented sanctions over its war in Ukraine and said it would meet its debt obligations. “The freezing of foreign currency …

Goldman Sachs becomes first big American bank to leave Russia
2 years, 10 months ago

Goldman Sachs becomes first big American bank to leave Russia

Firstpost  

According to its latest annual report, the firm’s exposure to Russia stood at $650 million at the end of 2021, with the vast majority tied to claims by private actors and borrowers. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people.” According …

Britain freezes more Russian bank assets than any other country in the world
2 years, 10 months ago

Britain freezes more Russian bank assets than any other country in the world

The Telegraph  

Britain has frozen more Russian bank assets than any other country as part of the international wave of sanctions against Vladimir Putin’s invasion of Ukraine, ministers have said. The Foreign Office revealed the UK had frozen a total of £258.8 billion of bank assets, compared to £240 billion by the US and £33.8 billion by the EU. The figures came …

Russia-Ukraine war: What is concerning RBI, SBI, other banks in India?
2 years, 10 months ago

Russia-Ukraine war: What is concerning RBI, SBI, other banks in India?

India Today  

The ongoing war between Russia and Ukraine has ripple effects on crucial aspects of the global economy - stock markets around the world and international oil prices. PAYMENT ISSUE Banks in India were scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed by the west on …

How Russia’s invasion of Ukraine changed the global economy in a week
2 years, 10 months ago

How Russia’s invasion of Ukraine changed the global economy in a week

CNN  

London CNN Business — A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Now, a barrage of sanctions have made Russia’s biggest banks radioactive, traders are shunning barrels of Urals crude oil, and Western companies are fleeing the country …

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow
2 years, 10 months ago

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow

Firstpost  

Under the plans, British people and businesses will be banned from making transactions with the Russian central bank, its finance ministry and its wealth fund London: The UK’s Chancellor of the Exchequer, Rishi Sunak, alongside the Bank of England on Monday announced the UK government’s plans to impose further economic sanctions in response to the invasion of Ukraine by Russia …

Column: How Western sanctions may demolish Putin’s ‘Fortress Russia’
2 years, 10 months ago

Column: How Western sanctions may demolish Putin’s ‘Fortress Russia’

LA Times  

For years, Vladimir Putin worked assiduously to strengthen what was known as “Fortress Russia,” reducing its government debt and building up its reserves of gold and foreign currency as a bulwark against political and economic challenges. — Robert Person, U.S. Military Academy Russia holds roughly an additional $132 billion in gold domestically, but monetizing that hoard will be extremely difficult …

Russia-Ukraine: US, UK, EU, Canada sanction Russia’s central bank
2 years, 10 months ago

Russia-Ukraine: US, UK, EU, Canada sanction Russia’s central bank

Al Jazeera  

Measures aim to ‘disrupt Russia’s attempts to prop up its rapidly depreciating currency’, US Treasury says. “The unprecedented action we are taking today will significantly limit Russia’s ability to use assets to finance its destabilizing activities, and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine,” Secretary of the Treasury Janet Yellen said …

Russia activates defences to shield $1.5 trillion economy
2 years, 10 months ago

Russia activates defences to shield $1.5 trillion economy

Al Jazeera  

The Bank of Russia acted quickly to shield the nation’s $1.5 trillion economy from sweeping sanctions that hit key banks, pushed the ruble to a record low and left President Vladimir Putin unable to access much of his war chest of more than $640 billion. He gathered Nabiullina and other top officials in the Kremlin to discuss plans for a …

Op-Ed: The West should stop financing Putin’s war
2 years, 10 months ago

Op-Ed: The West should stop financing Putin’s war

LA Times  

On Thursday, the first day of the full-scale invasion of Ukraine, the West paid Russia about $500 million. To be sure, disconnecting selected Russian banks from the SWIFT messaging system used by financial institutions to facilitate transactions worldwide will make it more cumbersome for Russian companies to be paid for European energy deliveries. And, unlike most central banks, since 2018 …

Sanctions spark Russia bank run fears as country braces for ‘free fall’ in rouble
2 years, 10 months ago

Sanctions spark Russia bank run fears as country braces for ‘free fall’ in rouble

The Telegraph  

The Kremlin is scrambling to stave off a run on Russian banks after Western nations announced a barrage of punishing sanctions. According to Reuters, central bank documents showed that it had ordered market players to reject foreign clients' bids to sell Russian securities from early Monday morning. The step came after the central bank on Sunday said it would provide …

U.S. And Allies Begin Cutting Russia Out Of International Financial System SWIFT
2 years, 10 months ago

U.S. And Allies Begin Cutting Russia Out Of International Financial System SWIFT

Huff Post  

The United States and key allies will cut Russian banks out of the global financial messaging system SWIFT and begin to target Russia’s central bank, according to a White House statement on Saturday. The statement said the U.S., top European economies, Britain, and Canada would disconnect selected Russian banks from SWIFT, which will severely hurt their ability to operate internationally, …

U.S. and European allies bar Russian banks from crucial SWIFT banking network
2 years, 10 months ago

U.S. and European allies bar Russian banks from crucial SWIFT banking network

LA Times  

German Chancellor Olaf Scholz waits in Berlin for the arrival of Polish Prime Minister Mateusz Morawiecki and Lithuanian President Gitanas Nauseda for talks about the Russian invasion of Ukraine. The U.S. and its European allies agreed Saturday to bar some Russian banks from the SWIFT international network and to sanction the country’s central bank, ratcheting up the West’s response to …

Western sanctions on banks only scratch surface of Fortress Russia | Explained
2 years, 10 months ago

Western sanctions on banks only scratch surface of Fortress Russia | Explained

India Today  

The United States, the European Union and Britain announced new sanctions on Russia on Tuesday after Moscow's recognition of two separatist regions in Ukraine as independent entities. Indeed, U.S. banks are not expecting global sanctions to have a major impact on American bank businesses or spark contagion risk, given lenders have little exposure to the Russian economy, said three executives …

Biden announces sanctions against Russian oligarchs, banks
2 years, 10 months ago

Biden announces sanctions against Russian oligarchs, banks

The Hindu  

U.S. President Joe Biden ordered heavy US financial sanctions against Russian banks and oligarchs on Tuesday, stepping up the West's confrontation with Moscow, even as Russian lawmakers authorised President Vladimir Putin to use military force outside their country. Mr. Biden said the U.S. would impose “full blocking” on two large Russian financial institutions and “comprehensive sanctions” on Russian debt. “It …

Russian banks imported $5 billion in foreign cash in December
2 years, 10 months ago

Russian banks imported $5 billion in foreign cash in December

CNN  

Russian ratings agency ACRA estimates that the country’s banks imported $5 billion worth of banknotes in foreign currencies in December, up from $2.65 billion a year before, in a pre-emptive step in case of sanctions that create increased demand. Around a half of Russia’s total banking foreign assets and liabilities, or some $100 billion and $70 billion, respectively, are held …

Why does so much dodgy Russian money end up in Britain?
2 years, 11 months ago

Why does so much dodgy Russian money end up in Britain?

The Economist  

T HE UKRAINE crisis has brought the threat of wide-ranging Western sanctions against Russia’s President Vladimir Putin, his cronies and companies linked to them. It has also, in Britain, brought renewed vows to crack down on dodgy Russian money sloshing through its economy. The number flocking to the city climbed after the global financial crisis, as Britain courted foreign capital, …

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