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As Russia’s Financial Sector Shrinks, So Too Do Its Compliance Teams
By Irene Madongo
printAway from Moscow, EU and U.S. sanctions have done more than simply hobble the ability of Russian banks to obtain credit and correspondent accounts. For some institutions in London, the restrictions have resulted in tight constraints on anti-money laundering compliance efforts. Under a series of sanctions imposed last year in retaliation for Russia's invasion of Ukraine in February 2014, financial institutions with operations in Europe and the United States have frozen the assets of individuals and businesses linked to Russian President Vladimir Putin and restricted lines of credit offered to companies in the federation's energy, defense and financial sectors. To...
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U.S. officials are preparing to press their EU counterparts on stronger Russia sanctions ahead of a European Council meeting next week, State Department representatives told the Senate Foreign Relations Committee Wednesday.
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