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Adeyemo Warns Foreign Banks on Helping Russia Evade Sanctions

  • Top Treasury official meets with foreign bankers in New York
  • Bankers tell Adeyemo of business shifts since Ukraine invasion
Wally Adeyemo
Wally AdeyemoPhotographer: Sarah Silbiger/Bloomberg

Deputy Treasury Secretary Wally Adeyemo warned representatives from several foreign banks Friday about risks to their institutions should they assist Russia in evading sanctions imposed by the US and its allies after the invasion of Ukraine.

Adeyemo met with representatives from several foreign financial institutions and “conveyed the risks of facilitating sanctions evasions,” including the risk of falling under US sanctions if the banks provided material support to a person or entity that the US has already penalized, according to a Treasury Department press release about the meeting.