Exclusive: Treasury says US warning to banks slows Russia financial flows

February 26, 2024

By Daphne Psaledakis, David Lawder and Andrea Shalal

See full Reuters article

WASHINGTON, Feb 26 (Reuters) - Washington's threat to hit foreign financial institutions with sanctions has made a significant difference in financial flows between Russia and countries such as Turkey, the United Arab Emirates and Kazakhstan, said Deputy Treasury Secretary Wally Adeyemo.

Adeyemo, in an interview with Reuters, said data available to the U.S. Treasury Department - including reports from financial institutions - shows a decline in the movement of funds after Washington in December issued an executive order that threatened sanctions on financial institutions in third countries helping Russia skirt western sanctions imposed over its invasion of Ukraine.