Russia sanctions cause weekend compliance scramble for global banks
Published by
Reuters

By Matt Scuffham, David Henry and Pete Schroeder NEW YORK/WASHINGTON (Reuters) – Senior management and compliance teams at major banks were working around the clock this weekend to understand the raft of new sanctions imposed on Russia and its banking system in the wake of the country’s invasion of Ukraine. Banks were scrambling to ensure they understood the full implications of the restrictions, including the banning of certain Russian lenders from the SWIFT international payment system, sources at major global banks said. The SWIFT measure was announced Saturday without naming the affected R…

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