US Threatens Foreign Banks with Sanctions for Assisting Russia

On May 13, US Deputy Secretary of the Treasury Wally Adeyemo met with representatives from several foreign financial institutions to discuss sanctions against Russia and efforts to tighten those restrictions. According to a statement from the Treasury Department, Adeyemo emphasized that his office is focused on combating attempts to evade sanctions.

“The Deputy Secretary also pointed out the risks of circumventing restrictions, including the danger of falling under secondary sanctions,” the statement said.

Representatives from the financial institutions outlined their vision for adapting their future operations and business practices in light of the ongoing conflict in Ukraine and the sanctions imposed against Russia.