02.08.2023, 16:37
Global banks have profited from investors who fled from Russia
Source: OREANDA-NEWS
OREANDA-NEWS The largest banks in the world took advantage of the mass withdrawal of foreign companies and investors from Russia, who hastily sought to exchange rubles for dollars. On these operations, currency traders of leading Western financial organizations earned a total of six billion dollars, Bloomberg reports, citing a study by Vali Analytics experts.
Banks such as Goldman Sachs, Citigroup, JPMorgan Chase and others began to sell dollars at a significant margin. In order not to fall under international sanctions, their currency traders used lenders based in post-Soviet countries that the Russian authorities consider "friendly". We are talking about the Kazakh banks "People's Savings Bank", "First Central Bank Jusan Bank", Kaspi.kz and Armenian Ameriabank. The above-mentioned credit institutions could buy dollars directly from Russian banks at the local exchange rate, which was often significantly lower than foreign quotations. They acted as a kind of intermediaries, buying cheap dollars on the Moscow Stock Exchange and then sending them to trading platforms in London or New York. Currently, such operations continue to be implemented through Kazakh and Armenian counterparties, but now currency trading does not bring such high incomes as last year, when daily income of traders reached tens of millions of dollars a day.
Currently, there are a number of restrictions on the Russian market, including a ban on withdrawing cash equivalent to no more than ten thousand dollars. According to this measure, citizens can withdraw funds from their accounts in dollars and euros that were received there before March 9, 2022, but no more than the amount equivalent to 10 thousand dollars. At the same time, the export of funds abroad is possible only if the client "has not yet taken advantage of this opportunity." The above conditions were extended by the Central Bank until September 9, 2023.
Earlier, Forbes reported on the proposal of representatives of the business association "Delovaya Rossiya" to the Ministry of Finance to tighten currency control in the Russian market. The measures included a ban on the export of gold, as well as the resumption of the practice implying the mandatory return of foreign exchange earnings of export—oriented companies, especially firms involved in the raw materials sectors of the economy.
Banks such as Goldman Sachs, Citigroup, JPMorgan Chase and others began to sell dollars at a significant margin. In order not to fall under international sanctions, their currency traders used lenders based in post-Soviet countries that the Russian authorities consider "friendly". We are talking about the Kazakh banks "People's Savings Bank", "First Central Bank Jusan Bank", Kaspi.kz and Armenian Ameriabank. The above-mentioned credit institutions could buy dollars directly from Russian banks at the local exchange rate, which was often significantly lower than foreign quotations. They acted as a kind of intermediaries, buying cheap dollars on the Moscow Stock Exchange and then sending them to trading platforms in London or New York. Currently, such operations continue to be implemented through Kazakh and Armenian counterparties, but now currency trading does not bring such high incomes as last year, when daily income of traders reached tens of millions of dollars a day.
Currently, there are a number of restrictions on the Russian market, including a ban on withdrawing cash equivalent to no more than ten thousand dollars. According to this measure, citizens can withdraw funds from their accounts in dollars and euros that were received there before March 9, 2022, but no more than the amount equivalent to 10 thousand dollars. At the same time, the export of funds abroad is possible only if the client "has not yet taken advantage of this opportunity." The above conditions were extended by the Central Bank until September 9, 2023.
Earlier, Forbes reported on the proposal of representatives of the business association "Delovaya Rossiya" to the Ministry of Finance to tighten currency control in the Russian market. The measures included a ban on the export of gold, as well as the resumption of the practice implying the mandatory return of foreign exchange earnings of export—oriented companies, especially firms involved in the raw materials sectors of the economy.
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