MOSCOW - Leading Russian banks are working on plans to help each other retain at least short-term access to the global financial system in the event that they are hit by fresh U.S. sanctions, sources familiar with the matter told Reuters.
Banks access financial services in different jurisdictions and provide cross-border payment services to customers in various currencies through correspondent banking relationships. This did not come into force and recently another was proposed, without mentioning any specific banks. The central bank and Gazprombank declined to comment. The finance ministry, Sberbank, VTB, Promsvyazbank, VEB and Russian Agriculture Bank did not reply to requests for comment.
Publicly available documents show VTB has correspondent accounts with Sberbank and VEB, while Russian Agriculture Bank has accounts with VEB, VTB, Gazprombank, Sberbank and a number of other Russian banks.Sberbank, VTB, VEB, Gazprombank and Russian Agriculture Bank have correspondent accounts with the central bank as well.
Correspondent accounts would complicate tracking currency transfers between the banks, making them harder for overseas authorities to spot, a former central bank official said.
Maybe they know what we are all about to hear in the Mueller Report. I’m guessing Trump and others have been involved in money laundering for Russian Oligarchs for a very long time.
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