Governance, risk & compliance
Weaponising finance
With Russia’s banking sector a target of international sanctions, the impact on the global banking sector has been severe. Andrew Tunnicliffe speaks with banker and co-chair of the legal and regulatory affairs committee at the Financial and International Business
Association Daniel Gutierrez, as well as economist Nicolas Véron, to understand how banks’ day-to-day operations have been caught in the crossfi re.
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n her mid-September State of the Union address, European Commission President Ursula von der Leyen said Russia’s financial sector was “on life support” as a result of Western sanctions. Six months earlier, as tanks breached Ukraine’s borders, there was a flurry of activity across world capitals, with politicians and officials all eager to isolate the Russian economy. Denouncing the invasion, world leaders warned of dire consequences for Russia. As Joe Biden said: “Putin chose this war, and now he and his country will
bear the consequences.” EU leaders too warned of “massive and severe consequences”. There followed sanctions targeting everything from industries to entities and groups to individuals, all hoping to disrupt the Russian economy, its financial system – and ultimately – its ability to sustain the war.
Banking on nothing
Although talk of a Russian invasion was growing louder, Nicolas Véron, senior researcher at the Peterson Institute for International Economics
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