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Clients with ‘Russian sounding’ names sue French banks

A total of 76 French residents with Russian or “Slavic-sounding” names have filed a complaint against a number of banks in France, alleging discrimination on account of national origin after getting caught up in the enforcement of anti-Russian sanctions. Individuals with no ties to the Russian government found their bank …

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Ukraine to seek war-crime charges against Western banks

The leaders of Western banks such as JPMorgan Chase, Citigroup and HSBC are committing war crimes by continuing to indirectly finance the Russian state, an economic adviser to Ukrainian President Vladimir Zelensky, Oleg Ustenko, said on Tuesday. In an interview with CNBC, Ustenko announced that Kiev continues to gather data …

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Ukraine threatens Western banks with legal action

Major global banks, including JPMorgan Chase, HSBC, Citigroup and Credit Agricole, are “committing war crimes” by financing companies that ship Russian oil, a top Ukrainian official has said. In an interview with the Financial Times, parts of which were published late on Friday, Oleg Ustenko, economic adviser to Ukrainian President …

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German banks prepare for energy-related defaults – Bloomberg

Banks in Germany are expected to put aside extra funds to be able to tackle a potential spike in defaults if Russia cuts off natural gas supplies, several high-ranking banking officials said, as quoted by Bloomberg. In case of a complete suspension of Russian gas supplies, Europe’s largest economy is …

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US allows energy transactions with sanctioned Russian banks

The US Treasury Department on Tuesday issued a general license authorizing energy-related transactions with sanctioned Russian banks through December 5. The previous license was due to expire on June 24. According to the document, published on the department’s website, transactions will be allowed with Vnesheconombank, Otkritie, Sovcombank, Sberbank, VTB, Alfa-Bank, …

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Britain bolsters food banks amid growing insecurity

Three out of four UK consumers now have “major future concerns” about the cost of food, the country’s Food Standards Agency confirmed on Tuesday. The body is responding by “urgently” working with charities and donors to bolster supplies to food banks, which have seen a surge in demand. Newest data …

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Western banks eyeing asset swaps to exit Russia – media

In an attempt to escape hefty write-downs on operations in Russia due to their exit from the sanction-hit country, UniCredit and Citigroup are exploring the possibility of swapping assets with Russian banks, FT reports, citing people with knowledge of the matter. The plan comes amid a mass exodus of foreign …

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Ukraine to seize Russian banks

Kiev authorities will forcibly seize the assets of major Russian banks in the country, Sberbank and VEB, media report citing a decision published on the website of the Supreme Council of Ukraine on Thursday. According to the decision of the National Security and Defense Council of Ukraine from May 11, …

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European banks reveal cost of Russia exit

The need to write down assets as well as setting aside cash to shield against the expected economic ramifications of anti-Russia sanctions has resulted in billions of euro in losses for European banks. The lenders have so far taken a hit of about $9.6 billion, led by Societe Generale and …

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Major Russian banks hit by sanctions

The US expanded full blocking sanctions on Wednesday against Russia’s state lender Sberbank and one of the country’s largest private lenders, Alfa Bank. “Today, we’re dramatically escalating the financial shock by imposing full blocking sanctions on Russia’s largest financial institution, Sberbank, and its largest private bank, Alfa Bank,” a senior …

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