The White House tacitly asked banks to provide services to companies from the Russian Federation

The US Treasury and State Departments are tacitly calling on major banks, including JPMorgan and Citigroup, not to refuse to cooperate with “certain Russian companies.” It is reported by Bloomberg.

In particular, they are asked to continue to provide basic services (dollar settlements, transfers, trade finance) to companies such as Gazprom, Uralkali and PhosAgro.

According to the agency, the Joe Biden administration thus wants to reduce the negative effects of sanctions and avoid “a global economic catastrophe and mass starvation on the planet.”

Due to sanctions imposed on Russia in response to its invasion of Ukraine, many US banks are cautious about doing business with Russian companies for fear of being subject to fines from US authorities. It is because of this that the government is trying to convince them to continue cooperation, writes Bloomberg.

“The food security of the world depends critically on these transactions. We continue to clarify and reassure banks and others involved in the agricultural trade that they are not subject to the sanctions regime,” said James O’Brien, head of the US Department of State’s Office of Sanctions Coordination.

After the outbreak of the war, the largest transnational banks began to curtail their activities in Russia and refuse to do business with Russian clients.

Today it became known that one of the largest manufacturers of telecommunications equipment in the world, the Finnish company Nokia, has requested export licenses for its supply to Russia to fulfill previously concluded contracts from the US regulator, the US Bureau of Industry and Security and the Finnish Ministry of Foreign Affairs, RBC reports. .

After the outbreak of hostilities in Ukraine and the imposition of sanctions, the world’s largest manufacturers of telecommunications equipment suspended the supply of products to Russia.

In April, Nokia announced that it was preparing to withdraw from the Russian market. At the same time, the company emphasized that they intend to ensure the maintenance of the networks and want to apply for the necessary licenses so as not to fall under sanctions.

Nokia’s clients are all major telecom operators in Russia.