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How Obama Crippled a Russian Bank with a Stroke of a Pen
How Obama Crippled a Russian Bank with a Stroke of a Pen
By Rob Garver
He may not take shirtless horseback rides across the steppes, or have a black belt in judo, but on Thursday, President Obama sent a message to Russian president Vladimir Putin about strength. Specifically, economic strength.
The message was this: Whenever I decide to, I can pick up a pen, and kill a significant financial institution in your country...St. Petersburg-based Bank Rossiya....Obama yesterday authorized the Treasury Department to add 20 members of Putin’s inner circle, as well as Bank Rossiya, to the Office of Foreign Asset Control’s list of “specially designated nationals.”
The designation makes the individuals named ineligible to do business with U.S. financial institutions, which is likely a major personal inconvenience. But for Bank Rossiya, the designation is something like the kiss of death.
Bank Rossiya is not the largest bank in Russia by a long shot, but its significance lies in its clientele rather than its size. In announcing the sanctions, the Treasury Department noted that Bank Rossiya “is the personal bank for senior officials of the Russian Federation” including members of the Ozero Dacha Cooperative, an exclusive community where members of Putin’s inner circle live. In addition, it provides financial services to the single largest segment of the Russian economy – the oil, gas, and energy sector...this is a credit union for oligarchs, with a side business in financing the Russian energy industry. Its customers include many more high-profile Russians than just those named in the Treasury statement. As of Thursday it is, for all intents and purposes, out of business.
- more -
http://news.yahoo.com/obama-crippled-russian-bank-stroke-100000133.html
By Rob Garver
He may not take shirtless horseback rides across the steppes, or have a black belt in judo, but on Thursday, President Obama sent a message to Russian president Vladimir Putin about strength. Specifically, economic strength.
The message was this: Whenever I decide to, I can pick up a pen, and kill a significant financial institution in your country...St. Petersburg-based Bank Rossiya....Obama yesterday authorized the Treasury Department to add 20 members of Putin’s inner circle, as well as Bank Rossiya, to the Office of Foreign Asset Control’s list of “specially designated nationals.”
The designation makes the individuals named ineligible to do business with U.S. financial institutions, which is likely a major personal inconvenience. But for Bank Rossiya, the designation is something like the kiss of death.
Bank Rossiya is not the largest bank in Russia by a long shot, but its significance lies in its clientele rather than its size. In announcing the sanctions, the Treasury Department noted that Bank Rossiya “is the personal bank for senior officials of the Russian Federation” including members of the Ozero Dacha Cooperative, an exclusive community where members of Putin’s inner circle live. In addition, it provides financial services to the single largest segment of the Russian economy – the oil, gas, and energy sector...this is a credit union for oligarchs, with a side business in financing the Russian energy industry. Its customers include many more high-profile Russians than just those named in the Treasury statement. As of Thursday it is, for all intents and purposes, out of business.
- more -
http://news.yahoo.com/obama-crippled-russian-bank-stroke-100000133.html
QUESTION: So what are we prepared to do about it? What is Europe prepared to do about it? What’s the United States --
SECRETARY KERRY: Well, we’ve already put some sanctions in place and --
QUESTION: Which he ignored.
SECRETARY KERRY: Well, they say that. What do you expect? That’s what bullies do. But the fact is when they go home and their cronies and friends lose their apartments and their rich properties and they can’t move their money and they can’t travel to places, this bites. And over time, there’s a lot more that will come in that will make a difference.
SECRETARY KERRY: Well, we’ve already put some sanctions in place and --
QUESTION: Which he ignored.
SECRETARY KERRY: Well, they say that. What do you expect? That’s what bullies do. But the fact is when they go home and their cronies and friends lose their apartments and their rich properties and they can’t move their money and they can’t travel to places, this bites. And over time, there’s a lot more that will come in that will make a difference.
Kerry on Russian reaction to sanctions
http://www.democraticunderground.com/10024692917
18 replies
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= new reply since forum marked as read
imagine how the koch bros would feel if they woke one morning and couldn't move their money around, or buy a politician or two.
bonkers, I say, they'd go bonkers
