Better without Russia than without a dollar. As Chinese and Turkish banks were frightened by the new US sanctions

It turned out that for Chinese, Turkish, Cypriot banks, the fear of losing the US financial market was stronger than good relations with Russian partners. Economist Vyacheslav Cherkashin tells how the secondary sanctions of President Baiden worked. Almost a month ago, he saw the Decree of the US Baiden President "Executive Order on Taking Addrational Steps with Respect to the Russian Federation's Harmful Activities", which enables to impose on -site sanctions on financial institutions and agents.

Any non-American financial organization, including banks; payment systems and cards; trusts; insurance companies; brokers and securities market traders; exchanges; investment companies; merchants of precious metals, as well as any branch or subsidiary companies listed above. In fact, the decree created a legal field for the use of the Secondary Sanction Institute regarding the widest range of international financial agents.

This allows the US Finance Minister without any preliminary notification to be applied to foreign companies/offenders in the form: the first results of secondary sanctions are already manifested.

Chinese (state), Cyprus and Turkish banks, so as not to lose access to the US financial market, begin to demand increased volume of documentation for "pro-Russian transaction", the practice of refusals in further servicing or making payments for operations that potentially help to provide Russian military-industrial The complex and related industries with critical goods and accessories. Technique technique, but the elevator breaks more often than the stairs.