JRL NEWSWATCH: “U.S. Quietly Asks Banks to Keep Some Ties With Russia, Even as Congress Balks” – Bloomberg
“Treasury, State prod JPMorgan, Citi to bank some Russian firms; Congress lambasted banks for continuing to do work in country.”
“… [T]he country’s largest banks are caught in the push-pull between the Biden administration and Congress on sanctions. Behind the scenes, the Treasury and State Departments [reportedly] have urged banking giants including JPMorgan and Citigroup to keep doing business with certain strategic Russian firms …. part of the administration’s push to minimize adverse impacts of the sanctions regime …. While some in Congress pound the table for stronger measures against Russia, the administration is trying to hinder Russia’s advances while avoiding a global economic catastrophe. …”