Finance
US Warns of Risks From Dealing With New Russian Bank Units
- Treasury Department issues alert to overseas regulators, banks
- US says Russia evades sanctions via overseas bank subsidiaries
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The US Treasury Department warned other countries to be on the lookout for Russian banks that open overseas branches as a way to avoid financial sanctions imposed after the invasion of Ukraine.
Foreign banks could face US sanctions themselves if they do business with the Russian entities, Treasury’s Office of Foreign Assets Control said in an alert. Banks and their regulators “should be cautious” about new branches or subsidiaries of Russian banks, including banks that have not yet been sanctioned.