European bank leaders need to intensify their efforts to enforce measures to stop Russia's attempts to circumvent sanctions, accordig to the US Treasury Secretary Janet Yellen.
In a statement for a meeting with bankers, Yellen noted that the introduction of secondary sanctions last December thwarted Russia's efforts to purchase goods necessary for its war against Ukraine, but additional work is needed.
"I urge all institutions here to take heightened compliance measures and to increase your focus on Russian evasion attempts," Yellen said.
The US Treasury Secretary demands that banks ensure "global sanctions compliance policies are stringently applied by your branches and subsidiaries abroad."
US sanctions
As previously reported by RBC-Ukraine, US President Joe Biden signed an executive order in December to tighten sanctions on financial institutions that assist Russia. According to the decision, these banks may be cut off from the US financial system, which effectively means the bank's demise.
In early May, the US Treasury sent a warning to Raiffeisen Bank International that access to the US financial system could be closed if the bank continues to expand its activities in Russia. The statement also mentioned that Raiffeisen's behavior threatens US national security.
