• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Saturday, December 2, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Biden asks American banks to violate American sanctions on Russia to save the American economy

Manu Gupta by Manu Gupta
November 11, 2022
in Americas, Democrats, Geopolitics, Russia
Reading Time: 3 mins read
0
sanctions Russia

Source- The New Yorker

1.4k
VIEWS
Share on FacebookShare on X

Sanctions, a coercive tool of American foreign policy, are so dear to it. In almost all the foreign policy crises that the US administration faces, the first thing it does is resort to sanctions. And that’s what it has done in its effort against Russia. In 2014, when Russia annexed Crimea, the West attempted to destroy its economy and was somewhat successful. However, this time, the U.S. and other western nations are having a hard time challenging Russia. In fact, Russia has been able to expose the hypocrisy of the entire West. The USA, which wants to crush the Russian economy and preaches to the world to join hands with it with the same motive, is secretly asking its banks to keep ties with Russia in order to save its own economy.

The Biden administration is privately urging leading US banks like JPMorgan Chase and Citigroup to continue doing business with strategic Russian firms despite sanctions imposed on Russia over the conflict in Ukraine.

Also Read

US ARMY recruiters in Middle School. Second coming of Project 100,000?

This is the Next Battleground of World War 3

According to a Bloomberg report, in a congressional hearing on Sept. 21, Representative Brad Sherman, a Democrat from California, reportedly grilled Jamie Dimon the CEO of investment bank JPMorgan Chase for not cutting ties with Russia.

Read More: Macron ridicules Biden like a Pro at the COP 27 summit

Banks like Dimon’s, Sherman argued, were exploiting a sanctions loophole to keep doing business in Russia despite its invasion of Ukraine. To this, Dimon responded, “We are following the instructions of the American government as they asked us to do it,”

Monmouth acknowledges poll showing Biden losing support was 'outlier' | The Hill
Source- The Hill

Reportedly, Washington has been requesting services such as US dollar settlements, payment transfers and trade finance for Russian firms that are exempt from certain aspects of the sanctions, including gas giant Gazprom and fertilizer producers Uralkali and PhosAgro.

Why US wants these banks to have ties with Russia? Well, the government is making a discreet effort to reduce the negative effects of the sanctions regime intended to punish Russia.  When asked about the same they said, “the administration is trying to hinder Russia’s advances while avoiding a global economic catastrophe.”

So what does this whole development explain? First, it exposes the sheer hypocrisy of the US administration, and second, it explains the prowess of Russia in the newly emerging post-war global world order. Despite many restrictions, Russia’s revenue is rising rather than falling. There are still countries willing to have trade ties with Russia, so Russia has been able to find a way around sanctions.  Russia’s economy and banking sector have withstood the challenge of “powerful” Western sanctions. Corporate and retail lending expanded by 9.9% and 6.7% respectively in January-October.

Read More: Thailand invites MBS to insulate Southeast Asia from Biden’s oil war

According to the IMF’s latest World Economic Outlook report, “The contraction in Russia’s economy is less severe than earlier projected, reflecting resilience in crude oil exports and in domestic demand with greater fiscal and monetary policy support and a restoration of confidence in the financial system.”

On the other hand, it is the American economy that is suffering. Inflation and unemployment are at an all-time high, as is public discontent with the ruling administration. As a result, Biden recognizes that his mistakes will cost the entire global economy. Thus, it is asking his banks to walk a tightrope. You see, the country’s largest banks are caught in the push-pull between the Biden administration and Congress on sanctions.

Joe Biden apologizes for claiming Turkey's president admitted Syria mistakes | CTV News
Source- CTV News

Banks have been asked to continue enabling the flow of money to sectors of Russia’s economy that have not been sanctioned. This includes services like U.S. dollar settlement, payment transfers, and trade finance offerings.

At the same time, banks are subject to multibillion-dollar fines for breaking the rules, which they are required to enforce by refusing services to sanctioned banks, individuals and companies.

Clearly, the US sanctions regime is making life hard for the thousands of compliance staffers at banks and exposing US hypocrisy to the rest of the world. Now we know what goes behind the scenes as Biden prepares for pushing more sanctions amid its so-called war against Putin! So, in order to save the crumbling economy, Biden is asking American banks to violate American sanctions on Russia.

Tags: BidenBiden Administrationsanctions on RussiaShort takes
ShareTweetSend
Previous Post

How Dominica operates the world’s biggest illegal election system with the West’s help

Next Post

Trudeau is suffering from Hubris syndrome, and it is destroying him internally

Also Read

Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

November 30, 2023
Milei’s Economic Reverb: Rethinking Argentina’s Future

Milei’s Economic Reverb: Rethinking Argentina’s Future

November 27, 2023
US’s second Taliban moment has unfolded and every single American is in Danger

US’s second Taliban moment has unfolded and every single American is in Danger

November 24, 2023
Biden’s New CIA Mole is a Disaster in The Making

Biden’s New CIA Mole is a Disaster in The Making

November 23, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Zelensky has two shining Yachts. Biden you Lovely Rich Rascal!

Zelensky has two shining Yachts. Biden you Lovely Rich Rascal!

November 28, 2023
Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

November 30, 2023
Pig Farm Scandal, Trudeau and extremely gory details: Do you have the stomach for it?

Pig Farm Scandal, Trudeau and extremely gory details: Do you have the stomach for it?

June 29, 2023
Lashon Dixon with family

Lashon Thompson aka Lashon Dixon: Biography and Career

January 30, 2022
Trudeau is Rewarding his Pet Media and the Money will come from your pocket

Russia-Ukraine war is finally over! And Ukraine has LOST!!!

November 22, 2023
Jagmeet’s Career will be over in 3 Months

Jagmeet’s Career will be over in 3 Months

December 2, 2023
The Hard Truth about CSIS, a HELL for Women!

The Hard Truth about CSIS, a HELL for Women!

December 1, 2023
After Sweden, Slovakia and the Netherlands, Romania is also going RIGHT

After Sweden, Slovakia and the Netherlands, Romania is also going RIGHT

December 1, 2023
Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

November 30, 2023
Canada Writes a Suicide Letter and sends it to Ukraine

Canada Writes a Suicide Letter and sends it to Ukraine

November 30, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.