“This maneuvering is legal under the sanctions … however, it may undermine the work of the U.S. Treasury and the international community seeking to hold Putin to account,” Warren and Porter wrote. The West has imposed punitive sanctions on Russia in a bid to isolate the country after it invaded its neighbor. Both Goldman Sachs and JPMorgan said in March they were unwinding their Russian businesses.
Senator Elizabeth Warren and Representative Katie Porter of the United States have asked the CEOs of JPMorgan Chase & Co and Goldman Sachs Group Inc for information on Russian debt trading since the conflict in Ukraine began. Since Feb. 24, when Moscow launched a “special military operation” against Ukraine, Democratic lawmakers have demanded a list of clients involved in trading Russian government and business debt. According to letters issued to the chief executives of both banks, details on the type, size, and earnings associated to these deals, as well as profits the banks made from them, were sought.
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A JPMorgan spokesperson declined to comment on the letter beyond a statement made by the bank in April. “As a market-maker, we have been helping clients reduce their risks and manage their exposures to Russia in the secondary markets. None of the trades violate sanctions or benefit Russia,” the bank had then said.
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