A US crackdown on banks financing trade in goods for Vladimir Putin’s invasion of Ukraine has made it much more difficult to move money in and out of Russia, according to senior western officials and Russian financiers.
Moscow’s trade volumes with key partners such as Turkey and China have slumped in the first quarter of this year after the US targeted international banks helping Russia acquire critical products to aid its war effort.
A US executive order, implemented late last year, prompted lenders to drop Russian counterparties and avoid transactions in a range of currencies, said western officials and three senior Russian financiers.
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