Eastern Europe

Russia Faces Financial Crisis As Foreign Banks Halt Transactions Due To New US Sanctions

NATO prepares for kinetic war with Moscow

Image by Andrej Nikitin

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The West continues to find ways to attempt to restrict Russia’ military capabilities, as the campaign in Ukraine looks to be on its last legs, and the Russian military possibly coming out on top in the conflict.

The Biden administration seems to be having success with new sanctions financially targeting third parties, according to Russian independent media.

Russian banks have been having problems with their foreign counterparts due to Western sanctions. Bloomberg reported Tuesday that Chinese banks were increasing checks on both Russian institutions, and institutions from third countries, for any links to Russia. At least two major Chinese banks have started checking their Russian business partners with a view to cutting off clients that are on the sanctions list, or connected with the defense sector, reported Russian independent news outlet The Bell.

Russian newspaper Kommersant reported Wednesday that Russian banks and companies were facing similar problems in Turkey. Since late December, many Turkish banks have apparently refused to work with their Russian counterparts – some officially, others by just suspending payments. Logistics companies working in Russo-Turkish trade complain that payments between have almost ground to a halt. Since the start of the year, Turkish exporters have almost completely stopped receiving payments from Russian companies in either rubles or lira, according to Turkish newspaper Economim.

The issue is Executive Decree 14114, which was signed by U.S. president Joe Biden last month. Little reported at the time, this decree boosts the U.S. Treasury’s ability to sanction non-U.S. companies for aiding Russia’s defense industry. Now, banks in third countries are held responsible by Washington for sanctioned goods or services that appear in the supply chain. Moreover, they can face punishment for taking part, even unknowingly, in a transaction involving the supply of prohibited goods, or sanctioned companies.

This all comes on the heels of NATO announcing it is preparing earnestly for war with Moscow.

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