U.S. sanctions on Russia’s two largest banks are the toughest measures yet against the country’s financial system, but leave room for businesses to maneuver, especially in the critical energy sector.
The U.S. on Thursday cut Russia’s two largest banks from direct access to the U.S. dollar, curtailing their activities and posing a threat to Russia’s exporting economy. State-controlled Sberbank and VTB together hold roughly half of all of the banking system’s assets, and are big lenders and service providers to companies in the country. One in every two companies in Russia has an account at Sberbank, the country’s largest bank says.
Source Article from https://www.wsj.com/articles/u-s-sanctions-against-vtb-and-sberbank-aim-to-disrupt-russias-economy-11645800587
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