“For the first time, the U.S. is shifting towards something that begins to look like ... an effort to set up a global financial embargo on Russia. The message here is really one to banks in China and Turkey and the UAE and elsewhere outside of the G7 they face sanctions for continuing to engage in transactions with the big Russian banks and other sanctioned Russian banks. This would likely spark a major retreat by those banks from Russia. That financial pullback, in turn, is probably going ... to complicate the flow of goods from countries that are continuing to trade with Russia.”
12 Jun 2024
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