Barclays expressed concern over the impact of Washington’s threats to Russian banks

  • Barclays expressed concern over the impact of Washington’s threats to Russian banks
    Independent.t. E.
    Rarely seen in the bill a provision adding sanctions against Russia may hit some of the largest banks in the country, potentially doing more harm than the item calling for a ban on the purchase of sovereign debt that worries investors, according to Barclays.
    https://www.independent.ie/business/world/barclays-voices-concern-over-impact-of-washington-threat-to-russian-banks-37191109.html
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Rarely seen in the bill a provision adding sanctions against Russia may hit some of the largest banks in the country, potentially doing more harm than the item calling for a ban on the purchase of sovereign debt that worries investors, according to Barclays.

“The most radical option of sanctions on transactions with Russian banks, in which all the state banks are sanctioned, will have significant consequences for the entire Russian economy, which can be even more painful than sovereign debt measures,” said Liza Ermolenko, an economist at Barclays Capital in London.

One provision calls on the us to “prohibit all transactions in all property and interests in property of one or several Russian financial institutions.” It lists some of the largest lenders Sberbank, VTB Bank, Gazprombank, Promsvyazbank, Rosselkhozbank and Vnesheconombank.

The bill was introduced in the U.S. Senate last week, a bipartisan group of lawmakers, with the goal to “impose crushing sanctions and other measures against Putin’s Russia until it stops and stops meddling in the US electoral process,” said co-author Senator Lindsey Graham. U.S. President Donald trump, calling for rapprochement with Russia, the prospects of the bill remains unclear. (Bloomberg)

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