Biden administration urges international banks not to help Russia evade sanctions. Firms risk losing access to markets in the United States and Europe if they support Russian businesses or oligarchs. The admonition highlights U.S. efforts to exert pressure on the Russian economy through American financial power.

Even if a financial institution is based in a country that has not imposed sanctions on Russia, it can still face consequences for violating U.S. or European restrictions. “If you provide material support to a sanctioned individual or a sanctioned entity, we can extend our sanctions regime to you and use our tools to go after you as well,” Mr. Adeyemo said.

The U.S. has placed sweeping restrictions on Russian financial institutions, oligarchs and its central bank. It has coordinated with allies in Europe and Asia to crack down on sanctions evasion. Financial institutions from China, Brazil, Ireland, Japan and Canada were at the meeting, hosted by the Institute of International Bankers.
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