Financial institutions help clients get rid of illiquid assets and not violate penalties.
In the US, many large banks continued to operate in the securities of Russian companies. This was reported by Reuters on Monday, August 15, citing its sources.
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It has been found that financial institutions work exclusively with bonds in their portfolios and help them get rid of illiquid assets.
The agency, referring to the July instructions of the US Treasury, emphasizes the legal nature of the actions of banks that help investors get rid of Russian assets.
In particular, the following banks continued debt work in Russia: JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Barclays Plc and Jefferies Financial Group Inc.
Jefferies representatives commented on the information, saying that the company is “working within the framework of recommendations on global sanctions to help our customers cope with this difficult situation.”
Bank of America, Barclays, Citi and JPMorgan declined to comment.
About $40 billion of Russian sovereign bonds were in circulation before the Russian Federation launched an all-out war on Ukraine in February. About half belong to foreign funds. Many investors found themselves stranded in Russian assets as their value plummeted, buyers disappeared and sanctions made trade difficult.
The US Treasury has repeatedly issued clarifications on the ban on the purchase of securities of companies from Russia in the primary and secondary markets. To exit most of the Russian assets, the US Treasury Department has given investors a period until September 1, 2022.
It will be recalled that at the end of January, the White House administration warned the country’s banks about possible sanctions against Russia if the Russian Federation launches a full-scale invasion of Ukraine.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.