Fri, 07 Oct 2022

The US government has authorized allowing holders to dispose of their assets

Several major US banks have restarted facilitating trades in Russian debt obligations after getting a green light from Washington, Reuters reported on Monday, citing bank documents.

According to the report, Wall Street giants JPMorgan Chase, Bank of America, Citigroup, Deutsche Bank, Barclays and Jefferies have so far "cautiously returned to the market for Russian government and corporate bonds."

The news come after the US Treasury published guidelines in July that allowed US banks to facilitate, clear and settle transactions with Russian securities if it helped US holders to gradually dispose of them.

Prior to that, the majority of US and European banks had stopped working with Russian securities after the Treasury imposed a ban on transactions with Russian assets as part of economic sanctions on Moscow.

Bank of America, Barclays, Citi and JPMorgan declined to comment on the report when asked by Reuters.

A Jefferies spokesperson told the news outlet the bank was "working within global sanctions guidelines to facilitate our clients' needs to navigate this complicated situation," while a source at Deutsche Bank said the financial institution works with Russian securities on a case-by-case basis.

For more stories on economy & finance visit RT's business section


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