Russian Banks Feel the Freeze of U.S. and EU Sanctions Over Ukraine

By Sam Willie

Reuters reports on the effects of U.S. and EU sanctions against Russia for its actions in Ukraine. The economic sanctions have achieved their intended purpose of cutting off vital financing options for Russian banks in Western markets. Moreover, the sanctions have impeded Russian banks from accessing alternative sources of funding in the Asian markets. It is said that this difficulty is due in large part to a lack of lawyers and underwriters who are legally permitted, or generally willing, to work with the Russian banks as a result of the sanctions.