Russia sanctions put spotlight on banks’ dirty laundry

As punitive measures against Moscow increase, so do the risks to banks from financial crime

Western nations have responded to Russia’s invasion of Ukraine by waging a war of sanctions on the Russian financial system and economy.

The US has barred Sberbank, Russia’s largest bank, from its financial system, and further Russian lenders have been hit with asset freezes or other punitive action by the European Union, UK and US. Western regulatory authorities have agreed to ban a number of Russian banks from the Swift global payments network, with details to be revealed in the coming hours

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