UAE - US Disrupts Russia's Financial Flows Via Warning To Global Banks Amid Ukraine War | Benzinga
The U.S. has successfully disrupted financial flows between Russia and countries such as Turkey, the United Arab Emirates, and Kazakhstan. This was achieved through a warning to foreign financial institutions of potential sanctions, according to a senior U.S. Treasury official.
What Happened: The U.S. Deputy Treasury Secretary, Wally Adeyemo, revealed that the U.S.’s threat to impose sanctions on foreign financial institutions has had a significant impact on financial transactions between Russia and other countries, Reuters reported.
“In the data that I can see, I’ve seen a significant difference in terms of financial flows that have been transactions…potentially being blocked by institutions,” Adeyemo said. “And I’ve heard about this also from some of the monitors who are in institutions … that they’re taking a more cautious approach with regard to doing any business with Russia, which is exactly what we wanted.”
This warning, issued in December, targeted financial institutions in third countries that were aiding Russia in bypassing Western sanctions imposed due to its invasion of Ukraine.
High-ranking U.S. officials have visited Turkey, the UAE, and other nations to caution that companies engaging with entities under U.S. restrictions risk losing access to G7 markets, according ...