Why banks have a hard time working on Russia


t can, about, feel sorry for ours banks now.

On the one hand, since interest rates are likely to rise quite quickly, their profits will jump without them doing any work. It will flow up bonuses pay next winter, about the time half the nation dies cold, wrapped in a blanket, too poor to leave the house.

But the Russian situation is especially difficult for them, I think.

An FT article recently noted that the level of asset confiscation and freezing, as well as the number of economic and trade restrictions, are unprecedented.

This has simply never happened before on such a scale, and banks are expected to implement many of them sanctions – otherwise.

It may not be as easy as all this.

On Tuesday, HSBC said it was not yet adopting new customs Russiait does have about 300 existing customers – multinational companies trying to get through extremely difficult waters.

Should we simply abandon those companies that rely on the global bank to take away its deposits, pay its employees?

Definitely shouldn’t, but she’s open, at least to claiming that thereby doing something horribly wrong.

We must never forget that the bankers owe us forever for the financial collapse of 2008, which they collectively developed.

Never let a banker rewrite history by saying it’s not their fault. This was through a rather careless government policy advocated by all bankers.

But they did well, mostly with Covid, directing money where it was needed, acting in the most difficult of circumstances.

If they are part of the process by which we are going through the war in Ukraine, we may have to admit that they have at least paid some of the bills they owe.

Why banks have a hard time working on Russia

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