Western sanctions have largely isolated Russia from the international financial system. But now officials say they want to see money flowing into parts of Russia’s economy, and financial firms to enable this
Save time by listening to our audio articles as you multitaskBut recently Western officials have emphasised they want to see money flowing into parts of Russia’s economy, and financial firms to enable this. On November 14th America, Britain and theissued a statement making clear that sanctions target Russia’s war machine, not its food or fertiliser industries. Diplomats have reiterated the message in the days since, seeking to ensure sanctions do not work too well.
The renewal of a grain deal between Russia and Ukraine, which allows food out of Ukrainian ports, explains the recent push. To get Moscow to sign, officials sought to show they were not blocking Russia’s food and fertiliser The problem is that politicians and campaigners have not got the message. In September members of Congress excoriated the bosses of JPMorgan Chase and Citibank, two American banks, for doing business with Russian oil and gas firms, despite guidance from the Treasury permitting it. As Juan Zarate, the architect of America’s sanctions after the September 11th attacks, notes: “Corporate concerns regarding transparency, accountability and integrity have increased exponentially.
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