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Business / Finance

Banking in Russian: Bankers are threatened with sanctions or charges of treason...

Club traders sMart-Lab. We make money on the exchange. 30.06.2021 at 15:48

Club traders sMart-Lab. We make money on the exchange. / RSS channel

Russian banks may be under attack by the authorities of Russia and the United States,

According to the research (I will post it here) by the employees of the Law Faculty of Moscow State University, Elizabeth Lauts and Sergey Glandin.

The authors draw attention to the new rules that came into force in the United States with the adoption of the new defense budget.

They give the authorities the right to request information related to money laundering and terrorist financing from foreign banks that have correspondent accounts with American credit organizations.

In case of refusal to provide such data to a foreign bank, a credit account with an American credit institution may be blocked, which will make it impossible for it to conduct any transactions in dollars.

At the same time, the inability to carry out dollar transactions may result in consequences already under Russian laws.

Thus, failure to fulfill obligations to customers is fraught with forced bankruptcy or revocation of the license.

In addition, the provision of data to the American authorities is contrary to the Russian law on bank secrecy.

In this case, punishment in the form of a fine or criminal prosecution is possible — if the transmitted information concerns the execution of the state defense order.


A small lyrical digression: a couple of years ago, on a normal weekday, the US Treasury suddenly took the toughest personal sanctions against a little-known Non-bank Credit Organization "Russian Financial Society"....

there are only a few insignificant companies that provided settlements in the interests of the DPRK and Iran..

And the bank was turned off for this all currency accounts and dollars and euros, completely killing its usual business....

Now this is possible with other market participants and for less serious reasons (((


The Association of Russian Banks fully shares the identified risks and sees them as a "huge threat", said RBC Vice president of the association Anatoly Kozlachkov.

According to him, a representative of the Foreign Ministry was present at the discussion of these risks at the association's site, who stressed that this threat can be realized at any time, since relations between Russia and the United States are still very unstable.

Now the main problem is that if a Russian bank responds to a US request, it will also violate Russian legislation, for which it is subject to punishment up to criminal liability. Otherwise, the requirements of the United States will be violated, which also entails fines or disconnections from the American credit institution, Glandin is concerned.

How do they solve the problem ???

The government has already submitted a bill to the State Duma prohibiting Russian banks from providing data on customers and their transactions to foreign countries.

It is precisely designed to minimize the risks " associated with the adoption by unfriendly states of amendments to national legislative acts aimed at obtaining confidential information from foreign banks under the threat of penalties that constitutes a banking secret."

In addition, the authorities want banks to report such requests to Rosfinmonitoring.