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US watchdog urges banks to uphold cross-border trust

Federal regulators assess financial spillover from Russian offensive as volatility surges and sanctions bite

Office of the Comptroller of the Currency
Photo: Radharc Images/Alamy Stock Photo

A top US regulator has warned that Russia’s invasion of Ukraine could put banks under pressure to de-globalise.

The acting comptroller of the Office of the Comptroller of the Currency (OCC) Mike Hsu called on the global banking community’s “collective effort” to maintain trust in cross-border banking.

“I fear the natural tendency going forward will be for that trust to retreat to national

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