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Laura Deegan Comments on Sanctions Risks for Foreign Banks in Global Trade Review

Subtitle
"US Warns Foreign Regulators and Banks Against Dealings with Russian Subsidiaries"

Global Trade Review

In this article, Laura Deegan discussed the U.S. Treasury Department's Office of Foreign Assets Control's (OFAC) alert to foreign regulators and financial institutions advising them against doing business with overseas branches or subsidiaries of Russian banks. "This alert and the additional secondary sanctions authorities are meant to prevent the small number of banks from supporting Russia… to cut them off even further, to ensure Russia is unable to buy sensitive goods," Deegan said.