Russia’s backdoor to the global banking system is slamming shut

The Russian invasion spurred the campaign by Ukraine's allies to choke off Moscow's money supply. (Image: AP)

Sat, 23 Mar 2024

By Benoit Faucon, Costas Paris and Joe Wallace, with assistance from Patricia Kowsmann and Jared Malsin When the US and Europe tried to sever Russia from the Western financial system, Moscow found workarounds. Key among them: banks in the Gulf and Europe that maintained ties with Russia. Now, Washington’s efforts to close these loopholes appear to be paying off. Dubai’s main state-owned bank has shut some accounts held by Russian oligarchs and traders of Russian oil. Turkish lenders are growing wary of handling Russia...

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