Deutsche Bank said it is not “practical” to close its Russia business, despite similar moves by major corporations seeking to distance themselves from the country over its invasion of Ukraine, CNBC reports.
How Goldman Sachs Profits from War In Ukraine
“Goldman Sachs, the giant New York investment bank, is cashing in on the war in Ukraine by selling Russian debt to U.S. hedge funds — and using a legal loophole in the Biden administration’s sanctions to do it,” NBC News reports.
“As the Western world scrambles to defend Ukraine by locking down Russian money, the company is acting as a broker between Moscow’s creditors and U.S. investors, pitching clients on the opportunity to take advantage of Russia’s war-crippled economy by buying its debt securities low now and selling them high later.”
Biden Orders Sweeping Cryptocurrency Review
“President Biden signed an executive order Wednesday for a sweeping review of the government’s approach to cryptocurrencies, aiming to secure the nation’s position as a leader in the rapidly growing industry while containing risks to consumers and the financial system itself,” the Washington Post reports.
Russia Credit Crunch Raises Specter of Default
“The international financial sanctions against Russia are driving the country toward a credit crisis, as restrictions on Moscow’s access to foreign currency stoke concerns about defaults on external debt,” Nikkei Asia reports.
Fed Chief Plans Interest Rate Increase
“Federal Reserve Chairman Jerome Powell said he would propose a quarter-percentage point rate increase in the central bank’s meeting in two weeks amid high inflation, strong economic demand and a tight labor market,” the Wall Street Journal reports.
Russian Banking System on the Brink of Collapse
“Vladimir Putin has signed a decree banning Russians from leaving the country with more than $10,000 in foreign currency as fears grow that the Russian financial system is on the brink of collapse,’ the Telegraph reports.
“Experts have warned that banks will struggle to sell assets to stay afloat after sanctions sent markets into freefall this week. The chaos comes after Russia’s central bank was blocked from accessing large chunks of its foreign reserves.”
Russia Closes Its Stock Market
“Russia’s central bank said the Moscow Exchange wouldn’t open for stock trading through at least Tuesday,” Axios reports.
U.S. Bans Transactions with Russian Central Bank
“The U.S. has taken its most aggressive step yet to cripple Russia’s economy and financial system, announcing a ban on transactions with Russia’s central bank and new sanctions on the Russian Direct Investment Fund and its chief executive Kirill Dmitriev,” the Financial Times reports.
“The move by the U.S. Treasury on Monday morning follows a joint pledge by western nations on Saturday to block Russia’s ability to access roughly $630bn in foreign reserves and impose huge costs on its economy in the wake of its invasion of Ukraine.”
CNBC: “The new measures will also target the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation.”
Russia’s Ruble, Financial Markets Hammered by Sanctions
“Powerful Western sanctions rocked Russia’s financial system and triggered a spiral in the ruble, drawing the central bank into an emergency doubling of interest rates,” the Wall Street Journal reports.
“The Russian ruble fell as low as 111 to the U.S. dollar from 83 on Friday, a drop of more than 20% and, if sustained, the biggest single-day fall on record. But trading was spotty, with local onshore markets frozen by the central bank and markets outside Russia reluctant to trade the currency.”
“The Bank of Russia took a raft of measures early Monday to protect Russia’s banking system. It raised benchmark rates to 20% from 9.5% in an attempt to attract savings into banks, the largest of which were targeted by Western sanctions and will be all but cut off from international markets.”
New York Times: “The ruble cratered, the stock market froze and the public rushed to withdraw cash on Monday as Western sanctions kicked in and Russia awoke to uncertainty and fear over the rapidly spreading repercussions of President Vladimir Putin’s invasion of Ukraine.”
Some Russian Companies Expelled from Swift
“The Biden administration and its key European allies have reached a preliminary agreement to bar sanctioned Russian companies, oligarchs and government officials from using the SWIFT system, essentially barring them from international financial transactions — but without interfering with gas deliveries to European nations,” the New York Times reports.
“The agreement, referred to in general terms by German officials and confirmed by American and European diplomats, falls short of a blanket cutoff of Russia from the financial messaging system, which some officials see as a nuclear option of sorts. Such a move would have essentially severed Russia from much of the global financial system.”
EU Leaders Weigh Cutting Russia Out of Swift
“European Union officials said there was growing momentum behind the bloc agreeing to cut Russia out of a crucial global payments system, marking a shift in sentiment after two rounds of Western sanctions on Moscow have shown little effect in persuading President Vladimir Putin from ratcheting down his invasion of Ukraine,” the Wall Street Journal reports.
“Several capitals, including Berlin and Rome, have resisted the option of disconnecting Russian banks from Swift, a global system that connects banks to facilitate cross-border payments. Critics have worried it could have unintended consequences, including complicating energy payments to Russia and leaving European banks exposed to money owed to them by Russian financial firms. There have also been concerns it could encourage closer financial ties between Russia and China.”
U.S. May Sanction Russia’s Central Bank
“The U.S. Treasury Department is looking at imposing sanctions against Russia’s central bank, a move that would seek to dramatically ramp up the financial isolation of Russia,” the Washington Post reports.
World Leaders Divided on Booting Russia from Swift
“Western leaders are split on whether Russia should be ejected from the Swift international payments system, a move that would deliver a heavy blow to the country’s banks and its ability to trade beyond its borders,” the Financial Times reports.
“Boris Johnson, the UK prime minister, on Thursday pushed ‘very hard’ to remove Russia, but he admitted to MPs that it was ‘vital that we have unity’ on the issue among western allies.”
“Olaf Scholz, Germany’s chancellor, warned his country had reservations about such a dramatic move and so did the EU.”
Russian Stock Market Plunges
“Russia’s stock market dropped at a record-breaking pace and the ruble plunged after Moscow launched a full-scale invasion of neighboring Ukraine,” the Financial Times reports.
Credit Suisse Leak Unmasks Corrupt Politicians
“A massive leak from one of the world’s biggest private banks, Credit Suisse, has exposed the hidden wealth of clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes,” The Guardian reports.
“Details of accounts linked to 30,000 Credit Suisse clients all over the world are contained in the leak, which unmasks the beneficiaries of more than 100bn Swiss francs held in one of Switzerland’s best-known financial institutions.”
Why Fed Nomination Fights Don’t Get Crazy
Jonathan Bernstein: “Partisanship isn’t entirely absent from Fed picks. Although President Joe Biden has renominated the (Republican) chair originally selected by former President Donald Trump, the rest of his current picks would all be unlikely choices for any Republican president. Still, there’s nothing like the current fighting over court confirmations. Nor, as political scientist Jonathan Ladd notes, do presidents try to maximize their influence over time by choosing nominees who will serve full 14-year terms.”
“I have two answers. One is that neither party has seen the need for a non-mainstream agenda for the Federal Reserve similar to the way that Democrats in the 1930s and Republicans since the 1960s have seen the need for a non-mainstream agenda for the courts… The second answer is based on the presidency. Presidents don’t have much immediate self-interest in who sits on the courts. They may care about certain policy outcomes, but the main way that judicial nominations affect their terms in office is through satisfying their party coalition.”
Fed Nominees Pledge to Close Revolving Door
“Three of President Biden’s nominees to the Federal Reserve committed to lawmakers that, if confirmed to their posts, they would not work in financial services for four years after leaving the Fed,” the New York Times reports.
“The pledge comes amid growing concern about the revolving door between Washington and Wall Street.”
Pelosi Moves to Ban Stock Trades by Lawmakers
“Speaker Nancy Pelosi and House Democratic leaders are working on a ban on members of Congress and senior staff trading stocks,” Punchbowl News reports.
“This Democratic package is expected to include new restrictions on investments for federal judges as well, sources told us. In addition, the Democratic leadership is eyeing increases in the fines for lawmakers who are late in filing their annual financial disclosure reports.”
“Sources involved in these discussions say that the details are still very fluid. But House Democrats plan to move on it this year.”
“Even proposing this shows how the issue has huge momentum in a pivotal election year, with both the House and Senate up for grabs.”
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