Western Banks Made Billions for Russia
Banks aided Putin’s regime and funded the Ukraine invasion.
An in-depth investigation by the Organized Crime and Corruption Reporting Project (OCCRP) found that major Western banks processed at least $46 billion in payments from Russia to offshore firms.
Deutsche Bank, HSBC, JPMorgan Chase, and other Western banks have been aiding the Russian economy, according to a new report by OCCRP. The report found that the banks have played a role in the flow of hundreds of billions of dollars to Russia in the form of payments from state-owned companies, opaque financial institutions, and wealthy individuals.
This report comes at a time when scrutiny of the Western financial system and the banks’ exposure to Russia is on the rise. The war in Ukraine has deepened Russia’s isolation from the world economy, and the West has implemented a series of economic sanctions against Russia.
The article by OCCRP is based on a review of leaked financial documents, public records, and interviews with bankers and analysts. It found that Western banks processed at least $46 billion in payments from Russia to offshore firms between 2019 and 2022.
The report found that the banks’ behavior was in some cases reckless and that they failed to carry out proper due diligence on their Russian clients. This allowed Russian money to flow through the global financial system with little scrutiny.
The report concludes that the Western banks’ dealings with Russia have allowed the country to evade sanctions, prop up its economy, and continue its aggression against Ukraine.
The banks have defended their actions, saying that they comply with all applicable laws and regulations. They have also said that they have taken steps to reduce their exposure to Russia.
The OCCRP report is a reminder of the importance of financial transparency and the role that banks play in the global economy. It is also a warning that the West must do more to cut off the flow of money to Russia and its supporters.
Kind regards,
E. Thompson