Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

 Biden Administration Warns Foreign Banks of  Helping  Russia to Evade Sanctions

Sat 14 May 2022 | 09:16 PM
Ahmed Moamar

The administration of US President Joe Biden has warned international banks not to help Russia evade sanctions, stressing that companies risk losing access to markets in the United States and Europe if they support Russian companies or oligarchs facing financial constraints as a result of the war in Ukraine, according to the New York Times.

The warning  issued by a senior Treasury official highlights US efforts to put pressure on the Russian economy through US financial power, and underscores public opinion that the Biden administration is using its ability to impose sanctions as it looks to isolate Russia from the global economy.

In private meetings on Friday with representatives of international banks in New York, Adewal Adeemo, Deputy Secretary of the Treasury, outlined the consequences of helping the Russians bypass sanctions.