BANKS NAVIGATE SANCTIONS QUAGMIRE

Faced with an unprecedented level of sanctions on Russia, global banks are taking a dim view of business with all Russian entities and are dropping clients if there is even a slight doubt on their ties to that country, according to a report by Reuters. Sanctions imposed by the US and Europe, among others, target wealthy Russian elites, several major Russian banks, state entities and dozens of their subsidiaries. While global banks have extensive experience with sanctions, the curbs on Russia are unmatched in their scale, speed and complexity and may yet grow, executives said.