Western officials need banks’ help to keep money flowing to Russia
Or at least to certain parts of its economy
When western firms fled Russia after its invasion of Ukraine, banks and insurers joined the exodus. They feared prosecution in the criminal courts for sanctions violations and in the court of public opinion for filling Vladimir Putin’s war chest. The West’s economic shock-and-awe campaign has largely isolated Russia from the international financial system.
This article appeared in the Finance & economics section of the print edition under the headline “Banking on them”
Finance & economics November 26th 2022
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