Thursday, June 13, 2024

Russian Bank Run Following US Sanctions

The US has broadened its sanctions on Russia, including a fresh crackdown on banks dealing with sanctioned entities.

It expands a December programme to target foreign banks deemed to be aiding Russia's war effort in Ukraine.

The US also placed sanctions on the Moscow stock exchange, leading to it halt trading in dollars and euros.

It also moved to try to restrict Russia's use of technology, including chips and software.

US President Joe Biden signed an executive order in December that imposed sanctions on banks dealing with about 1,200 individuals and companies deemed to be helping Russia's war machine.

Those measures, which expose banks to the risk of being cut off from the US financial system, have now been expanded to about 4,500 entities.

The US will also target on gold-laundering.

Peter Harrell, a former White House senior director for international economics, told the Reuters news agency that the US "is shifting towards something that begins to look like an effort to set up a global financial embargo on Russia".

As part of this effort, the US Treasury announced that it would impose sanctions on parts of Russia's financial system, including the Moscow Exchange, which is one of Russia's main stock exchanges.

The stock exchange, which is Russia's largest foreign exchange market, said the sanctions had forced it to stop trading in dollars and euros.

The US also focused on technology. Chips and other technology made in the US have been found in downed Russian equipment on Ukraine battlefields, including drones, radios, missiles and armoured vehicles.

As a result of these sanctions announced yesterday, there has be a major run on Russian banks, a fall in the Russian stock exchange and a fall in the Ruble.

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